Hinton and Vest outlined options for a coordinated response to war-related oil shortages. These included import ceilings and emergency sharing, with different consequences for vulnerable consumers.
Duncan warned that continuing hostilities could keep Gulf exports depressed into 1981. He urged import restraint and international coordination to reduce the risk of panic buying and higher prices.
Duncan reported resistance to binding oil-import ceilings from other consumers and Reagan’s transition team. He sought a standby arrangement for rapid action if the war worsened market pressure.
IEA ministers agreed on stock use, conservation and measures against destabilizing purchases. They set a collective demand-reduction objective but did not adopt country-specific import ceilings.
