• Short Summary

    Five months of uncertainty for the world's oil consuming states was ended yesterday (17 March) in Vienna, when OPEC - the organisation of major oil producing nations - decided to freeze oil prices for a three-month period.

  • Description

    Five months of uncertainty for the world's oil consuming states was ended yesterday (17 March) in Vienna, when OPEC - the organisation of major oil producing nations - decided to freeze oil prices for a three-month period.

    The announcement by Dr. Jamshid Amouzegar, Iran's Finance Minister and Chairman of the OPEC conference, pegged prices at GBP 5.70 (11.65 U.S. dollars) per barrel - nearly four times the price charged before the Arab-Israeli war in October.

    The price freeze represented a compromise between Saudi Arabia, which had been pressing for a reduction, and Iran, which had been pressing for a higher price Dr. Amouzegar promised there would be no more increases to compare with the 75 and 130 per cent price jumps after the October war. But he said the cost of oil would in future keep pace with inflation.

    During the third day of the conference on Monday (18 March), seven major Arab oil-producing nations agreed to lift their embargo on oil supplies to the United States. The major dissenter was Libya. The Libyan oil minister, Ezzedin Mabrouk, announced: "We will definitely not lift the embargo on the United States and we will not increase our production."

  • Tags

  • Data

    Film ID:
    VLVABXRDQCUHW6BJRX5MHWPCY8UVK
    Media URN:
    VLVABXRDQCUHW6BJRX5MHWPCY8UVK
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    18/03/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:26:00
    Time in/Out:
    /
    Canister:
    N/A

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