Call for New Model of Energy Policy at World Petroleum Congress

'The world is looking for a new model' which would be efficient, transparent and respect the environment, Juan Carlos said.

European Energy Commissioner Andris Piebalgs also stressed the need for sustainable, clean and efficient energy in the interest of future generations.

Spanish Industry Minister Miguel Sebastian joined oil producers in attributing high oil prices partly to a 'speculative bubble' and called for increased regulation on trading in oil futures.

Operations in investment funds futures markets had increased the demand for crude by 850,000 barrels daily, Sebastian said.

Sebastian also described the offer of oil insufficient, saying demand had risen by 15 per cent in recent years while the Organization of Petroleum Exporting Countries (OPEC) had lowered its production by 0.3 per cent.

'The world is not prepared for the oil challenge,' Sebastian said, explaining that earlier low oil prices had created an 'addiction' to oil that had to give way to more sustainable energy policies.

The congress under the slogan  'A world in transition: energy for sustainable growth' was to discuss possible solutions to high oil prices that have hastened inflation, sparked protests in importing countries and are threatening the global economy with a deceleration.

Major oil companies are taking a keen interest in possible new reserves in Brazil, and are also preparing to invest in Iraq if the conditions are favourable, Royal Dutch Shell chief executive Jeroen van der Veer and Antonio Brufau, chairman of the Spanish oil company Repsol, said.  The President of Petrobras will speak on Thursday 3rd July 2008.  Petrobras in fact will present 20 technical papers at various programmes over the week.

PetrolWorld will be covering the downstream session taking place on Wednesday.

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