OIL UP TO NO MORE OF 32 DOLLARS

www.mpa.gr FRIDAY, 21 FEBRUARY 2003 Thessaloniki, 20 February 2003 (15:10 UTC+2)

Europe is not self sufficient in oil and natural gas and all EU countries have the same dependence on third countries – exporters for energy, such as OPEC and Russia, said the Secretary General of the Ministry of Development Giorgos Agrafiotis, in statements to mpa.gr, pointing out the EU's common interest is obvious and that any problem must be dealt with jointly. At the same time he estimated that oil prices will not surpass a barrel. Regarding the informal Energy Meeting to be held on Saturday in Thessaloniki, Mr. Agrafiotis stated that the first issue on the agenda is the crisis in the Gulf, while an attempt to approach a unified European position will be made. “Europe must show its unity during a crisis, it must look and find the elements of its power”, said Mr. Agrafiotis, adding that “there is the spirit of a united confrontation, which, at least, the Greek Presidency will explore”. He appreciated that during the works no specific decision will be made, but there will be a first exploration of the member-states' intentions will be made by the presidency, so that if necessary, the Greek Presidency can prepare a draft for a joint decision, similar to that of the European Council in Brussels last Monday. The Secretary General of the Ministry of Development supported that the creation of a strategic supply in Europe will give it the ability to intervene in the rise of prices. “All member-states have corresponding legislature. The issue is how do we have a unified legislature – direction in Europe on the common management of the security supply”, he stressed. According to the Ministry's appreciations, oil prices will not surpass those of the present at a barrel. “We are missing 2.4 million barrels on the daily market from Venezuela. A crisis in Iraq would mean a further shortage of 1.8 million barrels. However, the strike in Venezuela is over, and the country is reentering production – it is already at half its daily output. We believe that any loss of oil from Iraq will be covered by Venezuelan oil. I do not think that we can escape from the a barrel price”, said Mr. Agrafiotis.