• Short Summary

    The Organisation of Petroleum Exporting Countries (OPEC) began talks in Geneva on Friday (21 January) with major Western oil companies on the producer nations' request for greater participation in the exploitation of their oil resources.

  • Description

    The Organisation of Petroleum Exporting Countries (OPEC) began talks in Geneva on Friday (21 January) with major Western oil companies on the producer nations' request for greater participation in the exploitation of their oil resources.

    Nine of the 11 OPEC countries were represented at the talks in Geneva's Hotel Inter-Continental. Twelve oil companies sent representatives.

    Friday's talks concentrated on the six Gulf member-states of OPEC -- Iran, Iraq, Abu Dhabi, Qatar, Kuwait, and Saudi Arabia. Oil supplies from these countries are still largely governed by concession agreements under which the companies prospect for, produce, and market the oil in exchange for revenues paid to the local Government. While OPEC as a whole has not yet stated its position on participation, individual states have indicated that they want an initial 20 per cent stake in the capital ownership of the local branches of Western oil companies operating in their countries.

    SYNOPSIS: Nine of the eleven OPEC countries were represented when the talks began with delegates from twelve oil companies. This time, the company representatives are attending in their individual capacities one for each company involved. In talks just ended on compensation for the recent dollar devaluation, a five-man team acted on behalf of 23 Western oil companies, including the seven biggest corporations.

    Those talks brought agreement on Thursday night on an 8.49 per cent increase in the posted prices of crude oil from the Gulf, an agreement may give an extra 270 million sterling to the producer states.

    Friday's talks concentrated mainly on the six Gulf member-states of OPEC -- Iran, Iran, Abu Dhabi, Qatar, Kuwait and Saudi Arabia. Oil supplies from these countries are still largely governed by concession agreements under which the companies prospect for, produce and market the oil in exchange for revenues paid to the local Government.

    Only the six Gulf states were negotiating for an agreement. Delegates from Venezuela, Nigeria and Algeria were taking part only as active observers. One OPEC source said the talks may be swiftly adjourned after the Gulf states had made heir proposals, so as to give the oil companies time to study it.

  • Tags

  • Data

    Film ID:
    VLVA2TJFP5U469T392A59E2TQZJGI
    Media URN:
    VLVA2TJFP5U469T392A59E2TQZJGI
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    22/01/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:52:00
    Time in/Out:
    /
    Canister:
    N/A

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