OPEC chief says 'no lack' in world oil supplies

by The Associated Press

World oil reserves are currently sufficient and OPEC nations will work to avoid any export disruptions to Europe from a possible war in Iraq, the oil cartel's secretary-general said Feb. 22.

“We will cooperate with the energy ministers of the European Union and the European Commission in order to avoid any lack in oil supply,” said Alvaro Silva before the start of a two-day meeting of EU energy ministers in the northern port of Thessaloniki. Greece currently holds the EU presidency.

The gathering has taken on added urgency with fears of oil price hikes and supply shortfalls if Iraq is attacked by U.S.-led forces. Many EU leaders fear a surge in fuel costs could push sagging economies toward recession. Crude oil prices have risen nearly 20 percent since the start of the year more than $37 a barrel — the highest in more than two years.

Greek Development Minister Akis Tsochadzopoulos said the goal “is to safeguard Europe from any negative implications from a war in Iraq.”

About 800 protesters, ranging from energy industry workers to anti-globalization activists, gathered outside the heavily guarded hotel hosting the meeting. The crowd dispersed peacefully. Many of the demonstrators were from the state-controlled Public Power Corp. to demand job protections and other measures once Greece's energy market fully opens to foreign competition.