26-09-00 Spanish Prime Minister Jose Maria Aznar has said he had suggested a European initiative to lower oil prices by releasing reserves, a proposal supported by French President Jacques Chirac.
"It would be good, given the situation on the oil market and the decisions taken by the Americans, that Europe makes its own decisions to reduce tension on oil markets and to lower the price of petrol," Aznar told after a meeting with Chirac. "I submitted this proposal to President Chirac and I think he received it favourably," Aznar said in response to a question on the possibility that European governments would dip into their reserves.
"I hope that before the (European) summit in Biarritz, in his capacity as European Union president, that he will be able to establish a European position concerning Europe's willingness to make decisions on this issue." France currently holds the rotating EU presidency.

Chirac told he was in "complete agreement" with the idea. Meanwhile in Prague, French Finance Minister Laurent Fabius proposed that EU finance ministers would consider releasing oil reserves under the terms of an EU directive, his Belgian counterpart, Didier Reynders, said. The finance ministers are due to meet.