The first ever summit conference of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) Opened in Algeria's capital Algiers, on Tuesday (4 March).
SV PAN President Boumedienne enters and walks to join Chairman and secretary of meeting
SV Saudi Arabian delegates
CU President Bongo of Cabon Republic
SV Venezuelan delegates
CU Shah of Iran
CU President Boumedienne speaking in Arabic
Initials BB/0310 JW/MR/BB/0320
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Background: The first ever summit conference of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) Opened in Algeria's capital Algiers, on Tuesday (4 March).
The two-day conference was opened by Algeria's President Houari Boumedienne, and his speech gave some hope to oil-consuming nations who have faced recently soaring prices for crude oil.
President Boumedienne called for co-operation between developed and developing countries and said: "If we have to freeze our prices, we will freeze them. If we have to drop our prices, we will drop them ... But only on condition that the developed nations take similar and simultaneous efforts in return to re-organise the world economic system,"
But the Algerian President added that current efforts to reduce consumption by western countries were directed not to eliminate waste, but to reduce prices. These efforts would not succeed because UPEC would simply reduce production to the new level of demand, he said.
The conference has been convened to draw up what has been called the 'OPEC Charter', which will form the basis for the oil-producing nations' approach to the coming dialogue with consumer nations in world energy conference.This latter conference should take into account the interests of other third world countries possessing different raw materials, President Boumediene added.