Petroleum prospects and the need for international cooperation |
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Authors: | C Constantinou |
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Institution: | Mr C. Constantinou is Chief of Energy and Resources Branch, Department of International Economic and Social Affairs, United Nations, New York 10017, USA. |
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Abstract: | A review of the world energy situation prior to the Persian Gulf War of 1990-91 shows that periods of oil price instability have distorted the decision-making process. During periods of high prices, investments were made in uneconomic energy sources and in periods of low prices few investments were made at all. To create a rational investment climate, international cooperation between consumers and producers of petroleum is essential. Such cooperation in the form of a forum could help to stabilize prices and assure that the economic decisions needed to meet future demand would be made in a secure framework. |
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