• Short Summary

    A warning from the International Monetary Fund meeting in Washington on Saturday (30 August) that if the Oil Exporting Countries (OPEC) boost their oil prices by up to 35 per cent -- as they say they will do, then the rate of inflation -- currently falling -- will spiral once again.

  • Description

    A warning from the International Monetary Fund meeting in Washington on Saturday (30 August) that if the Oil Exporting Countries (OPEC) boost their oil prices by up to 35 per cent -- as they say they will do, then the rate of inflation -- currently falling -- will spiral once again.

    According to the I.M.F. Director Johannes Witteveen, the OPEC move would mean bigger oil deficits for the industrial nations of the World and create a serious additional difficulty because of the present economic situation. He told the meeting it would also hit the smaller and developing nations that produce much of the world's raw materials.

    In fat the oil-inflation-linked question has dominated the meeting. Reports from Washington and major business centres in Europe and elsewhere reflect the growing alarm that the OPEC nations are about to deliver another blow to their economies.

    According to the I.M.F., a major reason for the OPEC move is that the world recession is hurting their huge incomes. This, even though the inflation rate of industrial nations had dropped to an average of 10 per cent. The I.M.F. says that to make up the difference, OPEC now wants to push up the price of oil once more.

    (This film is serviced with a commentary by T.V.N. reporter Andy Gastmeyer and a speech in English by I.M.F. Director Johannes Witteveen which appear overleaf.

  • Tags

  • Data

    Film ID:
    VLVA8AXEM6MC0E505SC8GUTNBS567
    Media URN:
    VLVA8AXEM6MC0E505SC8GUTNBS567
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    31/08/1975
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:01:00
    Time in/Out:
    /
    Canister:
    N/A

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