Venezuela under President Chavez has been a vocal member of the Organisation of Petroleum Exporting Countries (Opec), helping to make sure oil prices stay high.
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Kuwait's acting oil minister has been reported as saying that Opec, the Organisation of Petroleum Exporting Countries, might hold an emergency meeting to discuss boosting output.
But the real damage to the world economy was the massive price increase which the Organisation of Petroleum Exporting Countries (OPEC) introduced at the same time.
Oil Minister Sheik Saud Nasser al-Sabah said the Organisation of Petroleum Exporting Countries (Opec) will agree to increase production by 1m barrels per day (bpd) from April.
The Philippines has also seen its import bill rise, as has Indonesia, which became a net importer of oil in 2003, despite being the region's only member of the Organisation of Petroleum Exporting Countries.
It is still higher than the oil-consuming countries would like, although the price is now within the range preferred by the Organisation of Petroleum Exporting Countries (OPEC), and OPEC members are already muttering about production cuts to prevent further falls.
Dealers said Wednesday's drop in New York prices was prompted by evidence that Saudi Arabia was meeting allocation targets, following a meeting of the Organisation of Petroleum Exporting Countries last weekend which pledged to boost oil output by 800, 000 barrels per day.
Even worse, all of the countries best equipped to pump more of the stuff are members of the Organisation of the Petroleum Exporting Countries (OPEC).
The Organisation of the Petroleum Exporting Countries (OPEC) has agreed to raise its output slightly this month.
According to the Organisation of the Petroleum Exporting Countries (OPEC), fundamentals do not support the current high price of oil.
Iran and Venezuela, both members of the Organisation of the Petroleum Exporting Countries (OPEC), have called for it to cut output.
The Organisation of the Petroleum Exporting Countries (OPEC), the oil-producers' cartel, estimates that SARS has reduced Asian oil demand by 300, 000 barrels per day.
It urged the Organisation of the Petroleum Exporting Countries (OPEC) to cut production quotas in February for fear of a price crash this spring.
As the two top producers of the Organisation of Petroleum-Exporting Countries, Saudi Arabia and Iran share a crucial interest in current efforts to stabilise oil prices.
Despite trimming its output along with other members of the Organisation of the Petroleum Exporting Countries (OPEC) in an effort to prop up prices, that is just what the United Arab Emirates plans to do.
ECONOMIST: Oil prices have plunged. Another spike may be on its way
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