Against the backdrop of rising oil prices, major oil producing regions have become points of contention for major world powers. Endowed with 65 percent of the world's oil reserves, the Middle East is the most important oil producing region in the world. High oil prices benefit not only oil producing countries in the Middle East but also multinational oil companies. OPEC and multinational oil companies have in effect entered into an alliance, with the former controlling oil output and the latter determining oil prices. In this context, the United States and European countries are bound to tighten their control over the Middle East.

The United States has always considered the Middle East as its traditional sphere of influence. It regards Kuwait, Qatar and the United Arab Emirates as its loyal allies. The Bush administration's eagerness to promote peace talks between the Palestinians and the Israelis and beleaguered Iran is evidence that the United States aims to preserve its leading role in the region.

Strengthening coordination and cooperation to jointly address the challenges of high oil prices has become a pressing task facing the international community.

Today, factors affecting oil prices have become increasingly diversified. Neither OPEC nor IEA can determine oil prices alone. There is no denying that high oil prices are detrimental to most economies. Given their common interests, governments of different countries should work together to prevent private capital from interfering in oil pricing and to stabilize oil prices.

Energy producing and consuming countries should carry out wider and deeper cooperation than ever before. After decades of competition, they have come to realize that they need to join hands to ensure the stability and security of the energy market. It has become a common task for all oil importing and exporting countries to stabilize oil supply and prices through bilateral and multilateral cooperation and minimize the negative effects of the vulnerable international energy order on the world economy and individual economies.