The rhetoric of energy independence in the oil consuming countries makes the situation even worse the oil producing countries are building energy intensive industries to guarantee a market for their oil once consuming nations wean themselves of imported oil.

Finally, there is the relationship between oil prices and fiscal and monetary policies in the oil consuming countries.

And they can build such plants in faster than the oil consuming countries can establish alternatives to oil imports, exacerbating future shortages.

On the issue of the recent stress felt by oil importing countries, which were facing increasing balance of payment limitations, there could be greater cooperation between the oil producing and oil consuming countries.

Moreover, as oil consuming countries aim for energy independence, producing countries will try to shield themselves by building energy intensive industries so they can export oil embedded in industrial products.

To combat the effect of high oil prices, consuming countries adopt expansionary economic policies, lowering interest rates and increasing government spending.

That said, OPEC members and oil consuming countries policymakers alike should not forget that nothing cures high prices like high prices.

Priority shall be given to action in the mainly consuming countries and in those countries in which the consumption of olive oil and table olives is likely to increase.

Even if owning oil assets is a useful hedge (as in a small, oil consuming country), it is not clear that buying stakes in opaque companies in foreign countries is the best strategy.

Top(a) 15 MB consuming A5 countries Consumption and Projects.

But if growth is likely to accelerate next year in oil consuming economies such as China, what explains plunging oil prices? The answer lies not in China s economy and oil demand, but in Middle East geopolitics and oil supply.

Instead of exporting oil directly, they could export their energy embedded in metals, chemicals, and manufactured products at prices that undercut anything producers in the oil consuming countries, especially Europe and the US, could match, given their dependence on higher cost alternative energy sources.

Even though the embargo was aimed at the US and the Netherlands, market forces shifted oil among consumers, and in the long term all consuming countries suffered shortages of supply and the same price shock.

The Oil Producing Countries

Oil exporting countries, however, were currently facing oil capacity constraints and reduced oil refining capability.

Globally, more than 30 million tons of oil equivalent are consumed in the form of primary energy every day, equivalent to 55 kilowatt hours per person per day, with rich countries, on average, consuming more than twice that figure.

Improving that capacity would benefit both oil exporting and oil importing countries.

Although oil production performances varied, all ESCWA oil exporting countries have experienced a boost in oil export revenue.

They were consuming what they were consuming let's say one unit of consumption each.

Both producing and consuming countries have been taking steps to deal with the emerging realities through South South cooperation.

The trend by which consuming countries grow steadily more reliant on energy from a small number of producing countries threatens to exacerbate energy security worries.

Japan relies on Arab countries for oil.

In 1989, when the Iraq Iran war sent shivers among oil consuming nations, Brazil began to explore for energy both within and beyond its 200 nautical mile protected zone.

This analysis included small, medium and large consuming countries, some of which do not yet have MLF phase out projects.

(a) Those that consumed more than 300 tonnes in 2000 were classified as in the top 15 MB consuming countries.

The World Bank suggests that the bureaucratic requirements to start a business in many countries are excessive and time consuming.

This analysis included small, medium and large consuming countries, some of which do not yet have MLF phase out projects.

(a) Those that consumed more than 300 tonnes in 2000 were classified as in the top 15 MB consuming countries.

At the same time, oil hedging not only raises oil prices but results in huge reserves of cash in oil producing countries.

Rising oil prices transferred money to oil rich countries, again contributing to the flood of liquidity.

Only long term, market oriented, economically viable, and sustainable energy options can ensure economic growth in both producing and consuming countries.

Table MB reductions in the top 15 MB consuming A5 Parties (countries that consumed more than 300 metric tonnes in 2000)

developing countries invest in critical sectors such as oil in other developing countries.

UNCTAD is also actively working on issues related to the impact of oil price volatility on African oil importing and oil exporting countries.

The first factor is the relationship between oil prices and economic growth in the oil producing countries.

Progress in the 15 highest MB consuming countries, which together accounted for about 86 of total A5 consumption in 2000 and 2001

Progress in the 15 highest MB consuming countries, which together accounted for about 86 of total A5 consumption in 2000 and 2001

Table 2 MB reductions in the top 15 MB consuming A5 Parties (countries that consumed more than 300 metric tonnes in 2000)

Other than in oil producing countries, development in West Asian countries has been disappointing.

And one of the worst of these is what it does to our standing in the world if other countries think that everything we do is about oil, if we have to treat countries that have oil differently than countries that don't have oil.

Such carbon capture and sequestration, or CCS, is urgently needed in the major coal consuming countries, especially China, India, Australia, and the US.

Alternative livelihoods had to be found to replace opium cultivation, while there had to be a reduction in the demand of consuming countries.

Table 2 Historical MB reductions in the top 15 MB consuming A5 Parties (countries that consumed more than 300 metric tonnes in 2000)

Table 2 Historical MB reductions in the top 15 MB consuming A5 Parties (countries that consumed more than 300 metric tonnes in 2000)

Second, there is the relationship between oil prices and the need for income diversification in the oil producing countries.