After a meeting of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, on Friday (13 December), it was announced that the price of crude oil had been raised by 38 US cents (about 16 pence sterling) a barrel.
SV OPEC Officials leaving after meeting
SV Sheik Yamani talking with newsmen
Dr. Amouzegar speaks
DR. AMOUZEGAR: "Actually in this session of the conference, we did not increase a penny over the decision which was taken in Abu Dhabi last month. You see, we were left with only two choices: either the decision taken by the three member countries would have been reversed, or we are justified to their price, for we cannot have two rices for the same oil and the same costs. So what we did here was just to adjust the price of crude oil to the price which was adopted a month ago by the three Arab states of the Persian Gulf, Saudi Arabia, the United Arab Emirates and Abu Dhabi.
QUESTION: "And how much of an increase is this in the government take?"
DR. AMOUZEGAR: "That was then thirty-eight cents per barrel."
QUESTION: "And will this mean a more higher price for the consumers?"
DR. AMOUZEGAR: "That depends on how much the oil companies can take this out of their own profits. What we also did in this session, which I think is good news -- very good news -- for the consumer, is my delegation proposed that the price should be stabilised for nine months, and it was agreed. So we are not going to have a quarterly revision of the price. This price is going to be the same, and stay put, until October One, nineteen seventy-five."
Dr. Amouzegar's announcement came when he was interviewed by reporters ad he left the OPEC meeting. Part of what he said appears on film. A transcript follows:
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Background: After a meeting of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) in the Austrian capital, Vienna, on Friday (13 December), it was announced that the price of crude oil had been raised by 38 US cents (about 16 pence sterling) a barrel.
The decision was announced by the Iranian Interior Minister, Dr. Jamshid Amouzegar, who also said that this price would remain stable for the next nine months.
OPEC's decision means that each barrel of crude oil will now cost 10.45 US dollars until October 1975 -- regardless of inflation. The hew single market price replaces the present complex structure of crude oil prices, but at first will apply only in those OPEC countries with 100 per cent ownership of their oil. It will be extended to other countries as and when they had achieved full ownership of oil resources.
Friday's 4 per cent increase follows a 33 US cents increase (about 13 pence sterling) enforced by OPEC in September. At present OPEC supplies about 85 per cent of the oil imported by Western Europe, Japan and the United States.
Dr. Amouzegar announcement came when he was interviewed by reporters as he left the OPEC meeting. Part of what he said appears on film.