Asian and European leaders, coming together on October 19th for a two-day Asia-Europe Meeting (ASEM) to discuss economic growth and global trade, expressed concern over the instability of world energy markets.
“Leaders shared the view that ensuring a stable supply of energy, including oil and other fuels, was vital to the maintenance of long-term economic growth for all ASEM partners and the world at large,” a draft of the session communiqué said.
The ASEM, made up of the 15 European Union (E.U.) countries, in addition to Brunei, China, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand and Vietnam, called for global trade talks to discuss the current high oil prices, after fuel price protests plagued Western Europe and some parts of Asia in September.
U.S. Energy Secretary Bill Richardson said on October 19th that he believes Washington has sufficient heating oil stocks for the coming winter and that another release from the Strategic Petroleum Reserve should prove unnecessary.
He said that: “We believe that our home heating oil distillates will be sufficiently stocked to avert a problem this winter in the east coast of the U.S.”