• Short Summary

    Oil ministers for the world's leading Petroleum-exporting nations began a two-day conference in Vienna on Wednesday (27 June).

  • Description

    Oil ministers for the world's leading Petroleum-exporting nations began a two-day conference in Vienna on Wednesday (27 June).

    Prices for petroleum were expected to be high on their list of discussions, but sources close to the oil industry expected that prices would stay at their present level, at least for the next few months.

    A committee of experts was expected to report to the closed-door meetings that current oil prices do not adequately take into account the present worldwide inflation.

    The 1971 Teheran oil-pricing agreement covered inflation, but members of the 11-nation Organisation of Petroleum Exporting Countries (OPEC) are concerned that its provisions have been easily outstripped by present-day inflationary trends.

    OPEC's Vienna meeting was expected to discuses the present world energy crisis and plans to make better use of oil revenues earned by Middle East and Arabian Gulf producers. OPEC watches over the interest of Algeria, Abu Dhabi, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia and Venezuela.

    Venezuela was expected to press at the Vienna meeting for the admission of Trinidad and Tobago to the organisation. Arab countries blocked Trinidad's admission in 1972 because of fears this could undermine their influence in the organisation.

  • Tags

  • Data

    Film ID:
    VLVAAM3WOF71UE9351IBK5C735TW4
    Media URN:
    VLVAAM3WOF71UE9351IBK5C735TW4
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    28/06/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:32:00
    Time in/Out:
    /
    Canister:
    N/A

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