Following the oil price rises of late 1973, several organizations predicted massive accumulations of international reserves in the major oil exporting countries during the remainder of the decade. The predictions have not been realized. Most commentators failed to anticipate the speed with which...

The major objective of energy policy in most member countries of the Organization for Economic Cooperation and Development (OECD) since 1974 has been to reduce their dependence on imported oil. This objective was formalized in October 1977, when ministers of the International Energy Agency (IEA)...