• Short Summary

    Ministers of the 11-nation Organisation of Petroleum Exporting Countries (OPEC) began a two-day meeting in Haired on Saturday (11 March) to discuss members' demands for greater stakes in Western oil concessions in the Gulf area.

  • Description

    Ministers of the 11-nation Organisation of Petroleum Exporting Countries (OPEC) began a two-day meeting in Haired on Saturday (11 March) to discuss members' demands for greater stakes in Western oil concessions in the Gulf area. On Sunday (12 March), at the conclusion of the meeting, a communique was issued in which the OPEC members welcomed the offer by four American-owned oil companies to give six Gulf states 20 per cent participation rights.

    The communique said the firms' acceptance "represents an effective step towards the realisation of this important objective".

    On Saturday, the Conference had received a formal latter from the Arabian-American Oil Company (ARAMCO), a consortium which is the biggest operator in Saudi Arabia, accepting the principle of giving producer states a minimum of 20 per cent participation. Aramco's parent companies also have high stakes in the Gulf states - Iraq, Iran, Kuwait, Abu Dhabi and Qatar. The six Gulf states with Libya, Algeria, Nigeria, Venezuela and Indonesia make up OPEC.

    This film has natural sound throughout.

    SYNOPSIS: Beirut's Phoenicia Hotel was the scene on Saturday for the start of a two-day extraordinary meeting of the Organisation of Petroleum Exporting Countries, or OPEC as it's called. The Ministers were discussing demands by OPEC members for an increased stake in Western oil concessions -- particularly in the Gulf.

    And on Sunday it was announced that the OPEC members had welcomed an offer by four American-owned oil companies to give six Gulf states 20 per cent participation rights. The offer had come from the Arabian-American Oil Company, a consortium which is the biggest operator in Saudi Arabia. The 11-nation organisation urged all oil companies to follow the consortium's lead in accepting the principle of participation. Through participation, the OPEC countries are aiming to acquire more benefit and control from their oil industries.

  • Tags

  • Data

    Film ID:
    VLVA7PROJFOZMYOYTM8E7X0VSAB9K
    Media URN:
    VLVA7PROJFOZMYOYTM8E7X0VSAB9K
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    12/03/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:59:00
    Time in/Out:
    /
    Canister:
    N/A

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