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EU and OPEC: energy dialogue
Šimčíková, Eunika ; Adamcová, Lenka (advisor) ; Vondrušková, Barbora (referee)
Oil is a strategic raw material for many sectors of national economies. For oil extracting countries it represents a comparative advantage to those who do not have this privilege. The European Union is by 80% dependent on oil imports and OPEC has a 40% share of the world oil production. In the same way regular and safe energy supply matters for the EU, export markets are equally essential for OPEC. The EU-OPEC bilateral cooperation started in 2005 in order to enhance producer-consumer dialogue during a period characterized by growing crude oil prices and uncertainties on oil markets. Concerning the strategy, EU aims at more stable and transparent crude oil prices and markets, more attractive investment climate, better analysis and cooperation in developing new technologies. OPEC seeks to assure regular oil supply to consumers and to contribute to stable oil prices. Five meetings have taken place so far. Among some of the discussed topics were: crude oil prices, carbon capture and storage technologies, biofuels and others alternative sources of energy, investment in oil sector, human resources and data transparency.
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