EU ministers agree to weekly oil stock reports

The meeting of ministers from the 27 EU countries was mostly devoted to the problem of record world oil prices and what could be done to improve the transparency and functioning of the oil market where prices are established.

Due to the way EU decision-making works, one official said, the political accord now needed to be transformed by the European Commission into a formal proposal for such regular reporting on the oil situation, probably in September.

That could then be returned to ministers or EU leaders for the final stamp of approval, perhaps in October, the official said.

The United States, the world's biggest oil consumer, already publishes weekly data on crude oil and refined product inventory levels, refinery processing rates and import volumes.

The U.S. government's Energy Information Administration and the American Petroleum Institute, a trade group, survey petroleum companies and release figures on Wednesdays, with the EIA figures more closely monitored by oil traders and investors.

In Europe, monthly inventory figures are reported by Euroilstock. There is no equivalent to the U.S. EIA.

The official at the EU meeting, speaking on condition of anonymity, said the deal was struck in Brussels with the agreement of all ministers present.

Britain, Germany and the Netherlands had expressed some reluctance in the past but voiced no objections to a deal on Tuesday when ministers were asked to decide, the official said.