• Short Summary

    In a new round of oil diplomacy talks in Tokyo on Sunday (27 January) between Japanese leaders and Saudi Arabian Oil Minister Sheikh Ahmed Zaki Yamani, the possibility emerged of lower crude oil prices.

  • Description

    In a new round of oil diplomacy talks in Tokyo on Sunday (27 January) between Japanese leaders and Saudi Arabian Oil Minister Sheikh Ahmed Zaki Yamani, the possibility emerged of lower crude oil prices.

    Later Sheikh Yamani added that Saudi Arabia would not unilaterally reduce prices but would only do so in concert with the Gulf States.

    He said Saudi Arabia was going to ask the members of the Organisation of Petroleum Exporting Countries (O.P.E.C.) to consider the possibility of reducing prices.

    In Tokyo, all eyes were on the powerful Arab spokesman. Business houses took out special newspaper supplements to praise Sheikh Yamani and examine the issues behind the Middle East crisis. He will also be received by Emperor Hirohito.

    The Saudi Arabian Oil Minister has again made it clear that in future the price of Saudi oil will not be measured in terms of dollars:
    Sheikh Yamani added that Japan was in a stronger position to do this than either the United States or European countries.

    The Algerian Industry and Energy Minister, Belaid Abdessalem, who is also chairman of the Organisation of Arab Petroleum Exporting Countries (O.A.P.E.C.), has been in Japan since Wednesday (23 January). On Monday (28 January) he was quoted by Japanese officials as saying he took a different view over the Saudi plan for lower oil prices.

    According to Japan's Federation of Economic Organisations the main question facing the country in the oil crisis is not how to get enough crude oil but how to pay for it.

    If the present high prices of crude oil continue, Japan's oil import bill for the 1974 fiscal year could rise close to 20,000 million dollars (9,090 million pounds Sterling)

  • Tags

  • Data

    Film ID:
    VLVA9FH0653R09F198DPTN0I2DMMZ
    Media URN:
    VLVA9FH0653R09F198DPTN0I2DMMZ
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    27/01/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:41:00
    Time in/Out:
    /
    Canister:
    N/A

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