European Union finance ministers appealed to oil-producing countries Wednesday to provide an "adequate" supply of crude in order that oil prices remain consistent with durable growth.
In a statement issued by Irish Finance Minister Charlie McCreevy after ministers discussed the potential fallout from soaring oil prices, ministers also warned member states not to take unilateral initiatives.
"In line with the initiative of the G8 (Group of Eight industrialised countries), finance ministers called on oil producers to provide adequate supplies so that oil prices would remain consistent with stable, sustained growth in the world economy," said McCreevy, who chaired the meeting.
"Ministers were also anxious that unilateral action by individual member states arising from this situation should be avoided," he said.
The call came during a ministerial meeting here dominated by concern that steadily rising oil prices might set back a fragile European economic recovery.
EU Economic and Monetary Affairs Commissioner Joaquin Almunia said the European Commission "fully concords" with the ministers' statement, which came ahead of Thursday's emergency meeting of Opec member states in Beirut.
Several members of the Organisation of Petroleum Exporting Countries signalled Wednesday they favour an increase in oil production to bring prices down.
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