Venezuelan Oil Minister Valentin Hernandez arrived in the United Arab Emirates on Saturday (12 November) during a tour of the oil producing and exporting countries.
SV: UAE President Sheikh Zayed bin Sultan al-Nahayan speaking with Venezuelan Petroleum Minister Valentin Hernandez.
CU: UAE Minister of Petroleum and Mineral resources Mana al-Oteiba.
SV: Venezuelan official PAN TO Hernandez PULL BACK TO show Sheikh Sayed.
CU: Arab official
CU ZOOM BACK TO SV Sheikh speaking with Hernandez.
At the Caracas meeting, the Ministers will be deciding whether to raise oil prices next year, and by how much. Senor Hernandez's tour was aimed at co-ordinating their positions. OPEC states are reported divided about next year's prices, with countries like Iraq seeking an increase of about 25 per cent while moderates led by Saudi Arabia wish to keep any increases to a minimum. Dr. Oteiba said later that Senor Hernandez was trying to narrow the differences of opinion among OPEC members to ensure that the conference reached a unified decision on 1978 oil prices.
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Background: Venezuelan Oil Minister Valentin Hernandez arrived in the United Arab Emirates on Saturday (12 November) during a tour of the oil producing and exporting countries.
SYNOPSIS: Soon after his arrival, Senor Hernandez met United Arab Emirates President Sheikh Zayed bin Sultan al-Nahayan. The meeting took place at the Al-Maqam palace in the oasis town of Al Ain, about 100 miles from the capital, Abu Dhabi. The Minister had already visited Iran, Iraq and Qatar and was later flying to Saudi Arabia.
The UAE Oil Minister Dr. Mana al Oteiba, was also present at the meeting.
Senor Hernandez said the fall in the value of the US dollar had not seriously affected the purchasing power of the oil exporting states. It was not necessary for OPEC members to discuss the possibility of finding alternatives to the dollar as payment for oil.
OPEC Ministers are due to meet in Caracas, Venezuela, on December 20. There had been speculation OPEC might drop the dollar if it slid too far.