ABSTRACT
International oil market has become less regulated and increasingly subject to market forces. The relationship between these two new developments is as yet unclear; it will no doubt vary over the coming years - with profound implications for energy security. OPEC has always been the marginal supplier of energy. The activation of spare capacity would be the most important contribution that producers could make to crisis management, but it is by no means their only instrument. Consumer stockpiles are probably the most important instrument of crisis management available to importing countries. Even more problematical is the degree of international cooperation between consumer countries that would be required for the successful management of a serious supply shortfall. Additional taxes have certainly been under discussion in the United States and in the European Communities; their effect would be to shift back effective market control to the consumer countries.
