Talks between the II-nation Organisation of Petroleum Exporting Countries (OPEC) and Western oil firms on prices were switched suddenly from Beirut to Cairo on Friday (13 April).
Talks between the II-nation Organisation of Petroleum Exporting Countries (OPEC) and Western oil firms on prices were switched suddenly from Beirut to Cairo on Friday (13 April). The move followed the eruption of violence in Beirut on Tuesday (10 April) when Israeli commandos launched a death raid on Palestinian guerrilla leaders.
The Secretary-General of OPEC, Khan Abdul Rhaman of Algeria, made a brief statement in Cairo on Friday explaining the move. He said:
The OPEC members are represented by a three-man negotiating committee, consisting of Mr. Izziddin Mabrouk (Chairman -- Libyan Minister of Petroleum Industry), Mr. Abdel-Rahman Salem Al-Atiqi (Kuwait's Finance and Oil Minister) and Dr. Saadoun Hammadi (Iraq's Oil Industry Minister). They discussed their approach at a full meeting of OPEC in Beirut last month.
Oil-producing countries want price rises to offset the devaluation of the U.S. Dollar. They also hope to negotiate terms which will obviate similar troubles in the future.
SYNOPSIS: At Cairo airport, two teams of oil negotiators arrived from Beirut on Friday. They'd intended holding their talks in the Lebanon, but switched to Egypt after the Israeli commando attack earlier in the week.
Mr. Khan Abdul Rahman, Secretary-General of OPEC, explained.
OPEC, the Organisation of Petroleum Exporting Countries, is negotiating with western oil firms for higher prices. They want more money to offset the effects of the devaluation of the United States Dollar. OPEC wants to negotiate new terms for oil agreements, to avoid similar situations in the future.
The talks finally got under way at a Cairo hotel. The OPEC states, eleven in all, are represented by a three-man negotiating committee. Their Chairman is Mr. Izziddin Mabrouk, Libya's Minister of Petroleum Industry. The other members are Mr. Abdul Rahman Salem Al-Atiqi, Kuwait's Oil and Finance Minister, and Dr. Saadoun Hammadi, the Iraqi Oil Industry Minister. The representatives of the oil companies, who'd refused to visit Beirut, were ready to talk in Cairo.