By Anna McLauchlin - 25th May 2004
Soaring oil prices will not change the EU's growth expectations this year, said Brussels energy chief Loyola de Palacio on Wednesday.
Higher than expected growth in the first few months of 2004 mean the 1.7 per cent European Commission forecast remains valid, the commissioner said.
De Palacio warned rising oil prices could cripple growth but insisted the high euro against the dollar would minimise the effect.
Crude oil prices have hovered around $41 dollars a barrel this week after recently hitting a 14 year high of $40.
The commissioner called for euros to be used in world oil trade rather than just dollars.
"If the oil price should be related to a value it should be a consequence of a basket of currencies involving the main (oil consumers)", she said.
"This should give the real picture of the impact of oil prices."
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