AUSTRIA: SAUDI ARABIA STANDS ALONE ON OIL PRICE FREEZE AS OPEC DELEGATES MEET IN VIENNA TO SET OIL PRICES.

Record ID: 189781

  • Title: AUSTRIA: SAUDI ARABIA STANDS ALONE ON OIL PRICE FREEZE AS OPEC DELEGATES MEET IN VIENNA TO SET OIL PRICES.
  • Date: 24th September 1975
  • Summary: 1. SV Yamani's (Saudi Arabian Oil Minister) car arrives, he gets out and meets newsmen 0.37 2. GV INT Delegates seated 0.40 3. SV PAN Delegates from Venezuela, United Arab Emirates, Saudi Arabia and others 0.54 4. SV Delegates from United Arab Emirates, Saudi Arabia, .Qatar, Nigeria and Iran (4 shots) 1.07 5. SV Iraqi delegates PAN TO others 1.12 6. GV Delegates 1.20 Initials BB/0310 AB/PN/BB/0325 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 9th October 1975 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVAEN3T67LXIFVV4ZFSER5W0L3LZ
  • Story Text: Saudi Arabia appeared to stand alone in its call for an oil prize freeze during the first day of the Organisation of Petroleum Exporting Countries (OPEC) conference which started in Vienna, Austria on Wednesday (24 September). The thirteen ministers, whose countries supply eighty-five per cent of the world's oil, are meeting over two days to fix a basic market price.

    Most oil experts expect an increase of between five and ten per cent on the basis market price of ten point four-six dollars for an average barrel. This would add between five and ten million dollars to the non-communist world's oil bill now running at an annual rate of about a hundred million dollars.

    Most of the Ministers at the conference are said to strongly oppose any continuation of the price freeze and the Iraqi Minister, Tayeh Abdul-Karim, has said he favours a twenty to twenty-five per cent increase.

    Although Saudi Arabia's Oil Minister, Sheikh Ahmed Zaki Yamani, told newsmen when he arrived at Wednesday's conference that his country's policy was to freeze prices, he said if there is a unanimous decision to make a nominal increase he would vote in favour of the proposal.

    SYNOPSIS: When Saudi Arabia's Oil Minister, Sheikh Ahmed Zaki Yamani, arrived at the two-day Organisation of Petroleum Exporting Countries conference in Vienna on Wednesday he told newsmen his country wants to retain the price freeze on oil set nine months ago. However he said if there is a unanimous decision to increase the basic price from its present then point four-six dollars an average barrel he would vote for the increase, providing it was a nominal one.

    The thirteen ministers attending the price fixing conference represent countries supplying eighty-five per cent of the world's oil. Delegates from Algeria and the United Arab Emirates are among those said to be in favour of a moderate increase in price and experts are tipping it will be from five to ten per cent. As regards to a price freeze, it appears Saudi Arabia stands alone on this point as Iran's Oil Minister, Jashid Amouzeger, and Venezuela's Mines Minister, Valentine Hernandez-Aco???ta, have firmly ruled out a price freeze. The strongest bid for an increase is coming from the Iraqi Minister, Tayeh Abdul-Karim who says he favours a twenty to twenty-five per cent increase.
  • Copyright Holder: REUTERS
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