It is unclear how far these cuts will go in helping oil prices recover because demand may also fall because of recessions in big oil-importing nations like Japan.

For oil-importing nations, particularly those in the developing world that can ill afford higher energy costs, the losses could be more severe than expected.

Falling oil prices are an economic blessing for the U.S. and other oil-importing nations.

As long as oil-importing nations remain unified, shippers won't find any place to unload Iraqi oil.

Mr. Chipperfield said his agency, which represents industrial oil-importing nations, would soon consider beginning a dialogue with the Organization of Petroleum Exporting Countries.

Roger Howard has argued in the Wall Street Journal that oil dependence has significant benefits for the US and other oil-importing nations.

But some oil-exporting countries, including OPEC members, are using more natural gas themselves, as are many oil-importing nations.

The International Energy Agency was formed by oil-importing nations in 1974 after Arab nations embargoed oil shipments to the United States.

And while there is widespread feeling that the Saudis are bluffing, it raises anew the question of how far oil-importing nations should go along to get along.

The major oil-importing nations could also ban the use of tankers that are older than perhaps 15 years, which was the planned useful life of supertankers.