Senior ministers of the worlds largest oil producing nations agreed on Saturday (15 September) to revise basic petroleum price agreements.
Senior ministers of the worlds largest oil producing nations agreed on Saturday (15 September) to revise basic petroleum price agreements. The ministers conferred for seven-and-a-half hours at a special conference of the 11-nation Organisation of Petroleum Exporting Countries (OPEC) held in Vienna.
The member-nations of OPEC control 80 per cent of petroleum exports to the Western world, and will probably appoint a special team for negotiations with about twenty Western oil marketing countries within a few weeks.
The call for the revision of prices follows changes by Middle East oil producers and OPEC officials that crude oil prices lag the market value of oil products. The OPEC move may precipitate a major dispute between producers and oil companies at a time when there are fears of the world energy crisis and will hit Western countries' anti-inflation drives.
SYNOPSIS: Members of the Organisation of Petroleum Exporting Countries, OPEC, meeting in Vienna on Saturday, have called for a revision of basic petroleum rice agreements. The move will probably bring a major dispute between oil producers and oil companies.
The call for higher prices comes at a time when there are fears that there will be a world energy crisis, and will affect attempts to counter inflation by Western countries.
Middle East oil producers and OPEC officials have pressed for the price revision, charging that curds oil prices lag behind the market value and profits of oil products.
The Organisation will appoint a special team of negotiators to meet with about twenty Western oil marketing companies. According to the Secretary-General of OPEC, the meeting could begin within a matter of weeks.