• Short Summary

    MEMBER STATE OF THE ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC), WHO BEGAN A TWO-DAY MEETING IN BEIRUT ON MONDAY (8 JAN.), DECIDED YESTERDAY (TUESDAY) TO ACCEPT A NEW OFFER FROM OIL COMPANIES ON THE ELIMINATION OF DISCOUNTS.

  • Description

    MEMBER STATE OF THE ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC), WHO BEGAN A TWO-DAY MEETING IN BEIRUT ON MONDAY (8 JAN.), DECIDED YESTERDAY (TUESDAY) TO ACCEPT A NEW OFFER FROM OIL COMPANIES ON THE ELIMINATION OF DISCOUNTS.

    THE OPEC STATES - KUWAIT, SAUDI ARABIA, IRAN, LIBYA, QATAR, ABU DHABI, VENEZUELA, INDONESIA AND IRAQ - TOGETHER EXPORT 85 PER CENT OF THE WORLD'S OIL.

    THEY HAVE BEEN MEETING IN BEIRUT TO REVIEW THE WHOLE QUESTION OF DISCOUNT RATES, WHICH ORIGINALLY STOOD AT 12.5 PER CENT BUT WHICH HAVE GRADUALLY FALLEN OVER THE PAST FOUR YEARS BY APPROXIMATELY 50 PER CENT.

    OPEC HAS BEEN DEMANDING THE COMPLETE ELIMINATION OF THE DISCOUNTS FOLLOWING THE CLOSURE OF THE SUEZ CANAL.

    FULL DETAILS OF THE AGREEMENT ARE EXPECTED TO BE ANNOUNCED BY OPEC HEADQUARTERS IN VIENNA AFTER APPROVAL BY THE GOVERNMENTS CONCERNED.

    IT IS BELIEVED THAT THE OFFER PROVIDES FOR THE ELIMINATION OF THE PRESENT 6.5 PER CENT ALLOWANCE ON EXPENSING ROYALTIES OVER A NUMBER OF YEARS. IT IS ESTIMATED THAT THE NEW OFFER WOULD GIVE THE FOUR COUNTRIES DIRECTLY AFFECTED - SAUDI ARABIA, IRAQ, KUWAIT AND IRAN - ADDITIONAL ROYALTIES AMOUNTING TO ABOUT 50 MILLION DOLLARS (GBP20,800,000 STERLING) A YEAR.

  • Tags

  • Data

    Film ID:
    VLVA9LP5B1NPV9OD6QFTZITUDIJO9
    Media URN:
    VLVA9LP5B1NPV9OD6QFTZITUDIJO9
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    10/01/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:06:00
    Time in/Out:
    /
    Canister:
    N/A

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