1.
LV CONFERENCE HALL
0.03

2.
CU SIGN
0.06

3.
LV CONFERENCE IN PROGRESS
0.12

4.
MV PRESIDENT
0.17

5.
CU SIGN ABU DHABI PAN UP TO DELEGATE
0.24

6.
MV INDONESIAN DELEGATE (IBNU SUTOWO)
0.28

7.
MV IRAN DELEGATE (DR. JAMSHID AMOUZEGAR)
0.33

8.
MLV IRAQI DELEGATE (ADIB AL-JADIR)
0.36

9.
LV DELEGATES
0.40

10.
MV VENEZUELAN DELEGATE (DR. JOSE MAYDBRE)
0.46

11.
MV SAUDI ARABIAN DELEGATE (AHMED ZAKI YAMANI)
0.52

12.
MV LIBYAN DELEGATE (KHALIFA MOUSSA)
0.59

13.
MLV DELEGATES
1.02

14.
MV QATAR DELEGATE (DR. HASSAN KAMEL)
1.08

15.
LV CONFERENCE
1.12



Initials JP/VS/BHH/PC



Script is copyright Reuters Limited. All rights reserved

Background: GOVERNMENT REPRESENTATIVES FROM NINE OF THE WORLD'S MAJOR OIL EXPORTING COUNTRIES ARE MEETING IN VIENNA TO DISCUSS THE OIL SITUATION FOLLOWING THE MIDDLE EAST WAR. THE CONFERENCE, WHICH OPENED YESTERDAY, WILL LAST THREE DAYS. THE COUNTRIES ARE MEMBERS OF THE ORGANISATIONS OF PETROLEUM EXPORTING COUNTRIES (OPEC). THEY ARE: INDONESIA, IRAN, IRAQ, KUWAIT, LIBYA, QATAR, SAUDI ARABIA, VENEZUELA AND ABU DHABI.

THE OPEC MEMBERS, WHO IS TOGETHER ACCOUNT FOR ABOUT 85 PER CENT OF WORLD OIL EXPORTS, ARE DISCUSSING A REPORT PREPARED BY S SPECIAL ECONOMIC COMMISSION ON THE EFFECTS OF THE CLOSING OF THE SUEZ CANAL. THE DISTURBANCES, WHICH ARE BEING HELD IN PRIVATE, ARE ALSO COVERING THE POSSIBILITY OF QUICK ELIMINATION OF A SIX AND A HALF PER CENT DISCOUNT GIVEN TO WESTERN OIL COMPANIES BY FIVE OPEC MEMBERS. ANOTHER MATTER IS THE FORMATION OF A UNION PETROLEUM CODE IN ROYALTIES, CONCESSIONS AND ARBITRATION PROCEDURE.