The oil shocks of 1973-74 and 1979 left the oil-importing countries of Asia fearful that their high-growth years were over.

"Other oil-importing countries, like Japan and Germany, have seen their currencies appreciate," Mr. Steel said.

Korea is the 5th largest oil-importing country in the world with increasing interest in overseas E&P business.

Like many oil-importing countries in the Western Hemisphere, Paraguay has tried to foster the development of special deals for importing crude oil and refined products from Venezuela.

Stocks held by oil-importing countries also appear to be adequate.

Trade surpluses in oil-exporting countries more than offset trade deficits in oil-importing countries.

The average current account deficit for oil-importing countries is expected to increase to 4.1% of the GDP in 2006 and to 3.8% of the GDP in 2007.

China's oil purchases have raised oil prices, boosting the government revenues of oil exporters like Angola, Gabon and Nigeria, while hurting the other oil-importing African countries.

Appeal Is Planned The Philippines, an oil-importing country, is severely affected by the rise in oil prices as a result of the Iraqi invasion of Kuwait.

Every oil-importing country suddenly finds its supplies imperiled and prices soaring.