• Short Summary

    Meeting in Vienna on Saturday (27 September), the OPEC oil producers agreed to increase the price of oil by ten per cent.

  • Description

    SCU Iranian Interior Minister Amouzegar English sof starts "is there a change in the position after you talked to them ....... English sof ends : ........ten point three.

    TRANSCRIPT: "Is there a change in position after you talked to them.

    "In what position?"

    "Well I mean about your things or about your ten per cent."

    "No the ten per cent is fixed. We have decided to increase it to ten per cent and its applicable from October One."

    "When will you review it again?"

    "In nine months..at the end of June. (indistinct)."

    "You are right in this respect that since we are keeping the (oil) companies profit at 20 cent, therefore applying the ten per cent on the market price and not on the Governments' (indistinct)...therefore the actual increase on the Government price might be a fraction above ten per cent...for example ten point four, ten point two, ten point three."

    Initials MV/2335

    This film is serviced with English speech interview between reporters and Amouzagar, a transcript of which appears below:

    Script is copyright Reuters Limited. All rights reserved

    Background: Meeting in Vienna on Saturday (27 September), the OPEC oil producers agreed to increase the price of oil by ten per cent. The announcement by Iranian Interior Minister, Jamshid Amouzegar, followed a four day wrangle after the Saudi Arabians originally opposed any increase at all -- and then held out for only a five per cent rise.

    Mr. Amouzegar, who has special responsibility for oil in the Iranian Government, told waiting newsmen that the ten per cent increase was the fixed price, frozen until 30 June 1976.

    The average price of OPEC oil will cost 1.05 United States dollars more per barrel -- 11.51 instead of 10,46 dollars.

    Mr. Amouzegar added that the actual increase in some cases might be just slightly higher for some countries. Between 10.1 per cent and 10.4 per cent.

    The increases adds about 10,000 million dollars (U.S.) to the world's annual oil bill and will produce new strains for Western economies, already suffering a serious recessionary turndown. But reports form Vienna said that experts do not regard the rise as calamitous.

    However, observers said that the new price was in line with that expected by Western governments and represented a big climbdown by the price hawks at the oil talks

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    Reuters - Source to be Verified
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