For decades, oil has taken first place in world primary energy consumption. It still maintains its importance in being the number one input for countries’ economic development. It is widely accepted that oil cannot be easily replaced by any other alternative energy resource. This is especially the case in the transportation sector in the short and medium term. On the other hand, natural gas and nuclear power can not compete fully with oil. Furthermore, transportation of oil is much more convenient than its alternatives, ie natural gas. Needless to say, renewable energy resources are far from replacing this crucial energy commodity, at least in the near future.

Global oil consumption has taken the biggest share in primary energy consumption for a long time (in 1998, for example, it was 38%). However, oil in the energy mix has shown a slightly declining trend and accounted for 34% in 2008 while in some industrialized countries, the share of energy resources, such as nuclear power or natural gas, have significantly expanded.

In recent years, lots of oil disruptions occurred due to various reasons, eventually leading to an increase in commodity prices. Ultimately, this had a negative impact on the energy consuming countries, especially on emerging economies, which are highly dependent on oil imports. Similarly, energy-producing countries will be negatively affected in the long run. In this sense, producers have a bigger responsibility in maintaining sustainability in the global oil market. It needs to be also noted that producers should not use oil as a means of weapon. Such an approach will not only have a damaging effect on the consumer countries, but it will be detrimental for the interests of the producers as well.

According to some projections, oil will keep its dominant position at least for another 20-30 years. Moreover, most of current oil reserves will be depleted and they will be limited to some countries. This foresight increases the significance of a constructive dialogue between oil producers and consumers.

It is important that the major oil producing countries need to take the lead in devising more effective and useful dialogue among themselves, with oil consuming countries as well as the international institutions, starting with International Energy Forum. Such a dialogue should also include minor oil consumers and producers, as well as international oil companies, which play a major role in the global oil industry.

On the other hand, transparent policies are vital for a sustainable oil market. These policies can provide important contributions to improve dialogue amongst the companies, the international institutions, and above all, the producing and the consuming countries. The main motive behind the establishment of the International Energy Forum (IEF) was to develop dialogue and provide solidarity between producers and consumers.

Today, oil data of more than 90 countries, representing more than 90% of global oil supply and demand, are collected with the efforts of the IEF, which includes both producer and consumer countries. This cooperation significantly contributes to the global oil market in making accurate projections and in pursuing policies for the interest of those countries. Obviously, we should have a closer focus on exploring and designing new mechanisms for furthering and strengthening this dialogue.