• Short Summary

    Saudi Arabia's Oil Minister, Sheikh Ahmed Zaki Yamani has strongly criticised proposals for a joint buying agency made up of industrial nations and aimed at cushioning the shock of further oil price rises.

  • Description

    Saudi Arabia's Oil Minister, Sheikh Ahmed Zaki Yamani has strongly criticised proposals for a joint buying agency made up of industrial nations and aimed at cushioning the shock of further oil price rises.

    At a London press conference on Thursday (9 May), Sheikh Yamani warned that any action of the kind would lead to a sharp increase in oil prices and reduced production. The Saudi Arabian Oil minister had spent three days in London for talks with British government officials. Referring tersely to the plan, he warned that if he was a consumer he would not take part in it. He also said that if the industrial nations were not willing to help build up Saudi Arabia, oil production in the country might not be increased. Sheikh Yamani refused to answer questions about whether the price of oil would again be raised.

    Following the press conference, he left for talks with British Foreign Secretary James Callaghan. the Saudi Arabian Minister was due to leave London on Friday (10 May).

    The proposed joint buying agency plan is reportedly the idea of British Cabinet Minister Harold Lever who is currently in Washington for talks with United States officials.

    A transcript of one of Sheikh Yamani's replies at the press conference follows:

  • Tags

  • Data

    Film ID:
    VLVA27VE73IHC2G1ZWH98SQ2I9BPS
    Media URN:
    VLVA27VE73IHC2G1ZWH98SQ2I9BPS
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    09/05/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:40:00
    Time in/Out:
    /
    Canister:
    N/A

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