OIL PRICES can be lowered only by addressing supply and demand forces in the market, Europe’s energy commissioner Andris Piebalgs told an energy summit in Jeddah, Saudi Arabia, last month.
He said: “Oil prices over $100 are damaging for both consuming and producing countries. We have a common interest to work as a partnership to reduce volatility in the markets and bring oil prices back to sensible levels.
“We need to act together to return confidence and stability to the world economy and prevent recession.”
He
