ABSTRACT
For one who was involved in the US preparation for the Conference on International Economic Cooperation and who attended its early sessions, a reading of the following paper by Mr. Levy is startling. The prerequisite for an effective dialogue and an accommodation of interests between oil-producing and oil-consuming countries is the coordination of oil policies among the consuming countries. The world's oil-supply and oil-financing problems are not only posing major economic issues, but are also affected as much by political and strategic considerations. The pressure of some consuming and producing countries to include also oil-importing developing countries may, however, become overwhelming, and one country each from Latin America, Asia, and Africa might have to be added. For economic and strategic reasons, it is essential that the major importing countries reduce their oil imports to the lowest levels consonant with unimpeded economic and industrial progress through conservation and urgent development of energy resources.
