A Dialogue Between Oil Producers and Consumers: The Why and the How

The notion that a dialogue, leading to co-operation between oil-producing and oil consuming countries, may either avert oil shocks and excessive price instability or, at least, mitigate their adverse effects emerged early on in the 1970s. The very few observers who predicted the 1973 oil shock a year or two before its occurrence also sensed that the impending crisis would not be rapidly solved by smooth market responses and short-term economic adjustments. In their judgment the dramatic situation that was going to develop with dire consequences for the welfare of oil-importing nations called for a political solution.

By: Robert Mabro

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