With the price of oil crossing $110 a barrel, the oil-importing countries' concerns have been mounting. Not surprisingly, the issue of whether the time is now ripe for energy consuming countries to take measures to counter the producers' growing clout is being discussed, including the formation of a consumers' cartel, to force exporters to bring down prices.
Russia maintains energy superpower status, for now
The Russia-Georgia conflict has caused several analysts to state that Moscow’s main goal was to ensure its energy dominance in the region. Though this may not be entirely correct – other Russian security interests were equally at play – energy issues did have a large role. Ever since Vladimir Putin took over the reins, he had time and again reiterated the importance of energy in Russia’s regional, and indeed its global, policy. It is well known that Moscow will not allow its supremacy to be compromised. Putin’s successor Dmitry Medvedev appears to be continuing with his mentor’s policy.