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Title
OIL PRICE DEVELOPMENTS: DRIVERS, ECONOMIC CONSEQUENCES AND POLICY RESPONSES.
Abstract
Discusses the impact of oil price developments on global economies and economic policies. Long-term importance of oil as a fuel; Increase concentration of global oil reserves in the Middle Eastern members of the OECD; Implication of higher gross domestic product growth assumptions in non-OECD countries; Emergence of transportation bottlenecks resulting from changing geographical composition of demand.