Talks opened in Tripoli on Tuesday (February 23rd) aimed at co-ordinating the oil policies of Libya, Algeria, Iraq and Saudi Arabia and setting a new price for Mediterranean crude oil.
Talks opened in Tripoli on Tuesday (February 23rd) aimed at co-ordinating the oil policies of Libya, Algeria, Iraq and Saudi Arabia and setting a new price for Mediterranean crude oil. Ministers from the four countries responsible for oil attended the talks.
The meeting came eight days after western oil companies signed an agreement with oil producing countries of the Persian Gulf. This agreement gave the producing countries an estimated increase in revenue of more than GBP500 million Sterling. (1,200 million dollars)
Libya and Algeria are expected to press for even greater prince increases on the grounds that their oil fields are closer to Western Europe and therefore transport is cheaper and easier.
The exclusive film, obtained with the cooperation of Libyan authorities shows Tankers in harbour, conference building, arrival of Algerian, Saudi Arabia and Libyan delegates. Inside conference hall with delegates seated.
Iraq and Saudi Arabia were involved in the recent talks in Teheran between oil companies and the Persian Gulf producers.
The Tripoli meeting decided today (Wednesday February 24) that Libya should negotiate with individual oil companies on a new price and report back to the four-state meeting within two weeks.
A communique issued by the meeting said that if companies failed to accept the minimum demands agreed on by the four oil ministers, the ministers would meet again in Tripoli and adopt what it termed "necessary measures, which could include a stoppage of oil pumping."
Representatives of about a dozen western oil companies were holding their own talks in Tripoli while waiting to be invited to begin negotiations with Libya. The negotiations were expected to be tough ones.