• Short Summary

    In the Algiers Palais des Nations on Wednesday, June 24, a bid to cut out middle-men in the oil industry was made by Algeria at the 20th.

  • Description

    In the Algiers Palais des Nations on Wednesday, June 24, a bid to cut out middle-men in the oil industry was made by Algeria at the 20th. Ministerial Conference of the Organisation of Petroleum Exporting Countries (OPEC).

    The Algerian President, Houari Boumedienne, called for a direct relationship between countries producing and consuming oil, without foreign countries acting as intermediaries.

    Oil pricing is expected to the dominating issue at the conference, which is due to last two or three days. Delegates are also expected to discuss ways and means of controlling the activities of foreign oil companies. A plan for a concerted production programme is to be submitted by Venezuela.

    Member countries of the ten year-old organisation account for about 90 per cent of the world's oil exports, 74 per cent of its known reserves, and 48 per cent of its output.

    In his speech at the public opening session of the conference, President Boumedienne echoed earlier complaints by his Government towards French companies when he accused foreign oil concerns in general of seeking 'the greatest benefit possible in the shortest time and at the lowest cost'.

    The seven-month old negotiations between France and Algeria, which is asking for a rise in oil prices, are at present in deadlock.

    In a moderate but firm 20-minute speech, he told Ministers and representatives from the ten OPEC members that producing countries should take into their hands all stages of the oil industry, from extraction to marketing, in order to eliminate intermediaries.

    The conference later elected as chairman the Algerian Industry and Energy Minister M. Belaid Abdessalam, and adopted its unpublished agenda.

  • Tags

  • Data

    Film ID:
    VLVA7XBG1DCSTSAONBYF1OYFKLG73
    Media URN:
    VLVA7XBG1DCSTSAONBYF1OYFKLG73
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    25/06/1970
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:30:00
    Time in/Out:
    /
    Canister:
    N/A

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