QATAR: OPEC DELEGATES AGREE ON TWO-TIER PRICE INCREASE -- BUT SHEIKH YAMANI OF SAUDI ARABIA DENIES IT WILL MEAN A PRICE WAR.

Record ID: 1061698

  • Title: QATAR: OPEC DELEGATES AGREE ON TWO-TIER PRICE INCREASE -- BUT SHEIKH YAMANI OF SAUDI ARABIA DENIES IT WILL MEAN A PRICE WAR.
  • Date: 17th December 1976
  • Summary: 1. SV Leaders of various delegations arriving at conference room (2 shots) 0.10 2. SV PAN Delegates seated around conference table including Sheikh Yamani seated with other Saudi Arabian delegates (2 shots) 0.19 3. SCU AND SV Delegates leaving including Saudi Arabians and United Arab Emirates (3 shots) 0.32 4. CU Yamani speaking at news conference 1.36 TRANSCRIPT: DRAKE: The failure to agree a single price increase came as a surprise. For despite the angry arguments during the two-and-a-half day conference, most people expected a unanimous decision. Instead eleven of the countries, led by Iraq, insisted on a ten per cent rise now and another five per cent increase next July. But Saudi Arabia, the most influential of the producing nations, refused to agree, and instead, along with her close ally the United Arab Emirates, presented a strong challenge to the others by sticking on a maximum of five per cent. SEQ. 4: YAMANT: In the past we didn't have our own price. In the past the Saudis were supposed to abide by the resolutions in OPEC. The others were free because we didn't have the formula for value differentials. There were so many countries, like the Iraqis, the Libyans, the Nigerians -- they used to drop their market at a cheap price -- their oil at a...at a cheap price. And no-one talked about it. So in the past there were so many differences in the pricing structure with the others. Right now, what is happening is another difference but the other way round. PALMER: Won't this new price structure cause really a price war? YAMANI: No, no. what happened in the past is happening now. In the past the Iraqis reduced their prices by almost a dollar and there was no price war as such. Initials OS TELERECORDING AND PART SATELLITE T/R Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 31st December 1976 12:00
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  • Location: DOHA, QATAR
  • Country: Qatar
  • Reuters ID: LVAMCP8W2EJFFEBEA37K51GNXCR
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  • Copyright Holder: REUTERS - SOURCE TO BE VERIFIED
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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