DUBAI (Commodity Online): It seems that the oil rich Arabian countries are ganging up to extract some compensation from developed nations if they decide to cut crude oil consumption as part of their strategy to reduce carbon emissions.

As part of their plan, Saudi Arabia is pushing other oil-producing nations to unite in its demand for compensation, should wealthy nations reduce their crude oil consumption.

This is not the first time the kingdom has taken this stance, and although never successful at previous climate treaty negotiations its efforts have served to disrupt proceedings and delay results from discussions, now once again Saudi Arabia is readying itself  to take a hard line on the subject at international negotiations in Copenhagen in December. 

Saudi Arabia wants the oil-exporting countries achieve economic diversification through foreign direct investments, technology transfer, insurance and funding.

Petroleum producers have constantly used delaying tactics during climate talks, as they see any endeavor to decrease carbon dioxide emissions by developed countries as a hazard to their economies. 

Saudi Arabia is largely dependent exporting oil, which accounts for the majority of the government’s budget. Last year, at the peak of the oil price rise, the kingdom’s oil revenue swelled by 37%, to $281 billion, more than four times the 2002 level. At one point in 2008, the average gasoline price in the United States surpassed $4 a gallon. 
(Courtesy: PRlog)

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