The 2005 publication, Legal Aspects of storing CO2 highlighted legislative work was needed to keep pace with technological development.

 

• Five inter-related priority areas of work were identified

* Contractual responsibilities including intellectual property

* National legal and regulatory frameworks

* International environment protection instruments

* Creating a level playing field for CCS

* Public awareness and acceptance

 

OPEC does not control the oil market. OPEC Member Countries produce about 41 per cent of the world's crude oil and 15 per cent of its natural gas.

However, OPEC's oil exports represent about 55 per cent of the oil traded internationally. Therefore, OPEC can have a strong influence on the oil market, especially if it decides to reduce or increase its level of production.

The impact of OPEC output decisions on crude oil prices should be considered separately from the issue of changes in the prices of oil products, such as gasoline or heating oil. There are many factors that influence the prices paid by end consumers for of oil products. In some countries taxes comprise 70 per cent of the final price paid by consumers, so even a major change in the price of crude oil might have only a minor impact on consumer prices.