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The 2006-2011 outlook assumes a downward revision in consumption of 385,000 b/d due to high energy prices, fuel substitution in industrialised countries and changes to US economic growth. There, the market for oil is restricted either to areas that are too remote from existing natural gas infrastructure for it to be economical for fuel substitution to take place, or to countries without a gas grid. In a draft resolution, the Committee recommended "four domains" for action by Member States: more efficient use of energy and energy-intensive material; increased use of renewable sources of energy; more efficient production and use of fossil fuels: and fuel substitution from high-carbon to low-carbon-based fuels. |
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