EC withdraws proposal to have supply crisis law

Oct 20, 2004 02:00 AM

The European Commission has withdrawn its proposal to have a law to coordinate policy on managing European Union oil stocks in the event of a supply crisis, it said.
The EC, the watchdog and administrator of the EU, is dropping the proposal as both the European Parliament and the European Council of member countries' ministers have repeatedly rejected it since it was first proposed in September 2002.

But given the present high oil prices and oil market speculation, the EC said it was still convinced of the need to improve the EU laws in this area, which it said were a response to earlier oil price shocks. It said it reserved the right to make other proposals which would better suit the needs of the EU.
Earlier this year, the EC tendered to set up an energy market observation group, which is to analyse supply and demand in oil, gas and power and improve relations with the EU's energy suppliers.

Source: Platts
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