This neutralisation regime was intended to meet the interests of both the oil-producing and the oil-consuming countries,' the interests of ensuring security and tranquillity in such a sensitive part of the world'.

OPEC is trying to strike a balance between its own economic needs and those of oil-consuming countries.

The energy agency also issued a sharp exhortation to all oil-consuming countries to rapidly curb their consumption or face higher prices and severe environmental damage, including changes in the global climate.

Until now, European oil-consuming countries and nuclear suppliers like Russia and China have been unwilling to restrain their commerce with Iran.

"useful to study with other oil-consuming countries within the framework of the OECD ways of dealing with the common short and long term energy problems of consumer countries".

But other oil producing countries have claimed such taxes only contribute to the state revenues of rich, oil-consuming countries while reducing the earnings of developing countries dependent on oil exports.

In addition, Saudi Arabia and other OPEC nations with large oil reserves are anxious to reassure the oil-consuming countries that they can rely on a long-term supply of OPEC oil at an acceptable price.

But a group of oil-consuming countries, led by West Germany and Japan, are opposed to the American initiative, arguing that reserve stocks should be tapped only in an extreme case, like the outbreak of war.

If prices stay above $30 for a long time, that could hurt the economies of affluent oil-consuming countries and even lead to a recession, which would hurt OPEC as much as anyone else.

In the meantime, commercial supplies of gasoline and diesel oil in the United States and other major oil-consuming countries have remained low, despite the fact that OPEC produced far above quota levels earlier this year.