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

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

Furthermore, oil producing countries were paying a high price for the technology which they were importing.

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.

Furthermore, the higher oil prices were affecting the productivity and competitiveness of many oil importing countries and lowering the GDP of the highly indebted poor countries, especially in sub Saharan Africa.

CAMBRIDGE World oil prices, which have been highly volatile during the last decade, have fallen more than 50 over the past year. The economic effects have been negative overall for oil exporting countries, and positive for oil importing countries.

It is not clear whether these countries current regimes could survive a substantial and sustained future decline in oil prices. By contrast, it is obvious that oil importing countries would benefit greatly as they already are.

CAMBRIDGE Oil prices have plummeted 40 since June good news for oil importing countries, but bad news for Russia, Venezuela, Nigeria, and other oil exporters. Some attribute the price drop to the US shale energy boom.

For oil importing sub Saharan African countries, the additional costs would have to be accommodated by reductions in reserves, non oil imports and domestic demand, with a potential serious impact on poverty.

Declining oil prices could provide a major boost, especially to oil importing developed economies. Technological advances could still come to the rescue.

Indeed, the significant and disproportionate impact of the most recent increases on the poorest oil importing developing countries had not been offset to the same extent as in 2000 and 2004 by higher non oil commodity prices.

Secondly, as all our colleagues have said in this discussion, high oil prices are a heavy burden on the poorest developing and oil importing countries in particular and have resulted in a loss of 2.7 per cent of their gross domestic product.

Many developed countries and a number of developing countries were both capital exporting and capital importing countries.

It would be helpful if exporting countries would inform importing countries about licensed shipments and check that the clients are on the list of authorized importers, provided by the importing countries on a regular basis.

Lastly, the stress on oil importing developing countries caused by high energy prices had been mitigated by the 7.4 billion from the OPEC Fund for International Development which had been earmarked for development.

Oil prices have surged to more than 100 per barrel, as China, India, and other oil importing countries join the United States in a massive scramble to buy up supplies, especially from the Middle East. Food prices, too, are at historical highs, contributing to poverty and political unrest.

The United States said that it would temporarily allow eight importing places to continue purchasing Iranian oil, including major Iranian oil buyers such as China, India, South Korea, Japan and Turkey, to ensure that crude oil prices remained stable.

The Republic of Korea and Taiwan Province of China were also major importing countries.

A4.1.2 The use of this guidance document is dependent on importing countries requirements for SDS.

Net food importing countries have called for their interests to be duly taken into account.

Likewise, the impact to local fishing communities and consumers in importing countries can also have serious consequences.

Moreover, capital importing developing countries faced a dilemma owing to macroeconomic constraints, especially balance of payments difficulties.

The Oil Producing Countries

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

Regarding oil, which dominates transportation, the high concentration of deposits in the Middle East, especially those that can be most cheaply exploited, makes oil importing countries hostage both to terrorist attacks on the oil infrastructure and to monopoly determined prices. OPEC uses output cuts whenever possible to keep prices at levels that are at least an order of magnitude above the cost of production plus a reasonable return.

That initiative requires greater political impetus on the part of exporting and importing countries alike to move it forward.

The exchange of information about shipments and lists of authorized importers between exporting and importing countries is also important.

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

7120 Sole importing agency

Any system requiring extensive exchange of information between importing and exporting countries would depend on full participation by all to work.

Japan relies on Arab countries for oil.

Japan depends on foreign countries for oil.

Japan depends on other countries for oil.

Importing and Exporting Foreign Formats

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

Formal arrangements between countries that export and import labour through bilateral or regional cooperation could benefit all parties as they could solve unemployment problems in exporting countries while meeting supply shortages in importing countries.

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

Arab oil exporting countries embargoed oil sales to the US and the Netherlands to punish them for their support of Israel. But the oil destined for the US and the Netherlands was shifted to other countries like Japan, while oil destined for other countries found its way to the US and the Netherlands.

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.

Last year, oil at 145 a barrel was a tipping point for the global economy, as it created a major income shock for the US, Europe, Japan, China, India, and other oil importing economies. The global economy, barely rising from its knees, could not withstand the contractionary shock if similar speculative forces were to drive oil rapidly towards 100 a barrel.

In one region, there had been information exchange about shipments and authorized importers between exporting and importing countries, including automatic notification to the receiving countries of authorized exports of ozone depleting substances.

At an OPEC meeting in the run up to the election, the group s dominant producer, Saudi Arabia, shelved plans to restrict oil production to counteract the rapid decline in world prices, allowing them to continue to fall. This has brought considerable benefits to the oil importing advanced economies including Japan.

But how can this be achieved? As China will be importing three quarters of its oil from the Middle East by 2020, one step forward would be China s cooperation in finding solutions to the region s problems.

Finally, there is the relationship between oil prices and fiscal and monetary policies in the oil consuming countries. To combat the effect of high oil prices, consuming countries adopt expansionary economic policies, lowering interest rates and increasing government spending.