"By agreeing to reduce oil imports and exports by a specified amount
each year, about 2.6 percent, signatory nations will help mitigate the
negative consequences of an over-reliance on cheap oil and help prepare
for a global decline in the world’s oil supply.
The premise of the
Protocol is inherently straightforward: oil importing nations would
agree to reduce their imports by an agreed-upon yearly percentage,
referred to as the World Oil Depletion Rate, while oil producing
nations would agree to reduce their rate of production by their
National Depletion Rate.
This simple and sensible formula will produce,
in effect, a global rationing system. If the entire world adopted the
Protocol, global consumption of oil would decline by almost 3 percent
per annum, thus stabilizing prices, preserving the resource base, and
reducing competition for remaining supplies."
The Oil Depletion Protocol (
via).