The world's major oil producers have agreed to keep prices frozen, at least until the end of the year, when they will think again.
GV EXT Intercontinental Hotel, Geneva, with armed security guards outside (2 shots)
SV INT Iranian Minister arriving
SV PAN Saudi Arabian Minister, Sheikh Yamani arriving
SV Other ministers arriving (3 shots)
CU PAN Newsmen
CU Sheikh Yamani making statement in English
YAMANI: "When that it start to go up, of it's not early 1979 it will be 1980, and a sharp increase will take place when we have a real shortage. And depending on how much small increases we have, or on the other side how many freezes we have, then we will know what kind of a sharp increase will take place in the 1980's"
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Background: The world's major oil producers have agreed to keep prices frozen, at least until the end of the year, when they will think again. The decision was taken on Monday (19 June) at the conference on Geneva of OPEC, the Organisation of Petroleum Exporting Countries.
SYNOPSIS: There was strict security for the oil ministers as they arrived at the Intercontinental Hotel in Geneva for the third day of the conference on Monday (19 June). The price freeze was reported to be a victory for the world's two biggest oil producers, Saudi Arabia and Iran.
The Saudi Oil Minister, Sheikh Yamani, told other OPEC members he wished to resist the principle that producers should receive immediate compensation in the second half of 1978 for the U.S. dollar's decline by putting up oil ;prices. However, the Algerian delegatee said it was a political decision and there was no justification for it. After the meeting Sheikh Yamani told newsmen of his views on future oil prices.