• Short Summary

    Financial experts from 12 oil exporting countries, meeting in Vienna, were reported on Tuesday (December 19) to be "well advanced in drawing up proposals for higher petroleum prices.

  • Description

    TV TILT UP & CU Opec Building (3)

    SV & MVs Delegates arriving (4 shots)

    GV INT. London Audience seated

    CU Dr. Al-Pachachi speaking

    Dr. Adnan Al-Pachachi:

    "To begin a dialogue that we feel should continue and should be intensified because we feel there are basic and fundamental common interests between Europe and the Arab World. And we feel such interests can best be served by a constructive and continuous dialogue between us and the people of Europe. And we do hope that in the very near future the ways and means will be found to put this dialogue on a firm and organised basis and when this happens of course then the Arab representatives and the representatives of Western Europe can discuss all matters of common concern and interests including, naturally, the question of oil. Then of course the oil embargo so far as the United States is concerned will be lifted, and also for the rest of Europe the reductio no f the petroleum production will be increased -- the production will be increased as the withdrawal of Israel from the occupied lands progresses. So I think if there is a settlement which Israel scrupulously respects and is prepared to implement fully, then I would say there would be no question of any more oil being used as a weapon for political reasons."

    Initials SC/338 SC/351

    Script is copyright Reuters Limited. All rights reserved

    Background: Financial experts from 12 oil exporting countries, meeting in Vienna, were reported on Tuesday (December 19) to be "well advanced in drawing up proposals for higher petroleum prices.

    The experts, from the Organisation of Petroleum Exporting Countries (OPEC), will present their recommendations to a meeting of oil ministers in Teheran on Saturday (December 22). The decisions on a new price structure for crude oil will be taken over the weekend.

    Meanwhile in London, Arab representatives were explaining Arab oil policy and pointing out how the United States and Western Europe could get their full oil supplies in future.

    After Tuesday's Vienna meeting, a senior Venezuelan official said that all existing oil price agreements are being scrapped and future prices will depend on supply and demand.

    Dr. Ramsey Michelena, Director of Economics at the Venezuelan Ministry of Mines and Hydrocarbons said all OPEC members now agreed that base price agreements negotiated by OPEC members with western Oil companies at Teheran, Tripoli and Lagos in 1971 "cease to exist and will not be renewed".

    In his London press conference Dr. Adnan Al-Pachachi, a Minister of State of Abu Dhabi, called for dialogue between Western Europe and the Arab World.

    A decision was taken at the Arab Summit Conference in Algiers to send delegations to western Europe, the United States and Japan to explain Arab oil policy and assure them they did not mean to punish the outside world but wanted to enlist world co-operation in forcing Israel to give up the occupied territories.

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