Oil ministers from the six-nation Gulf Co-operation Council flew into Bahrain on January 15 for talks on the world oil glut.
1. GV Aircraft arriving Bahrain airport. 0.04
2. SV Oil ministers getting off plane and being greeted by GCC officials. (3 SHOTS) 0.38
3. SV INTERIOR Airport terminal and delegates shaking hands. 0.42
4. SV Delegates being greeted by Bahrain official. 1.20
5. SV ZOOM INTO Official PAN TO Saudi Arabian oil Minister, Sheikh Ahmed Yamani. 1.36
6. SCU Ministers talking. (5 SHOTS) 2.08
7. SCU Minister PULL BACK TO Yamani PAN TO official. 2.20
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Oil ministers from the six-nation Gulf Co-operation Council flew into Bahrain on January 15 for talks on the world oil glut. After assembling in the main conference room, oil ministers from Saudi Arabia, Oman, Qater, Bahrain, Kuwait and the United Arab Emirates went into closed session, but one minister said they would be reviewing market developments since the last meeting in Vienna on the Organisation of Petroleum Exporting Countries (OPEC). Saudi Arabian Oil Minister Sheikh Yamani said the talks were informal, and Bahrain's Industry Minister, Youssef Shirawi, said no decisions had been taken. Sources quoted by Reuters say there has been widespread speculation in the oil industry that the six nations, which supply about a quarter of the non-Communist world's oil, will be forced to cut prices. However, Sheikh Yamani said they could not make decisions for OPEC. Last month, OPEC fixed a production ceiling of 18.5 million barrels a day, 11.5 million down on the 1981 output, and set the market price at 34 U.S. dollars a barrel. The figure is now under threat because of the slump in worldwide demand for oil, and because some OPEC countries had cut prices in a bid to hold their share of a declining market. According to the influential Middle East Economic Survey, the Saudis fear a cut in the cost of oil because of the likely damage the world's monetary and banking systems, compound by fears of a full scale price war.
Source: BAHRAIN TV