Some of the world's oil producing nations called for the indexing of raw material prices during Wednesday's (17 December) session of the International Conference on Energy and Raw Materials being held in Paris, France.
Some of the world's oil producing nations called for the indexing of raw material prices during Wednesday's (17 December) session of the International Conference on Energy and Raw Materials being held in Paris, France. The main instigators behind the move were Iran, Iraq and Algeria.
The oil producing nations generally have taken the offensive at the conference and challenged the industrial world on oil policy.
Whereas the industrial nations preached conciliation and interdependence as a prelude to a year of tough bargaining ahead, the producers began setting out their demands early on in far more direct terms.
The controversial price indexation scheme is anathema to most industrial nations which favour a drop in oil prices to put their troubled economies back in shape. So far they have gone no farther than to say they will discuss the issue.
A long series of individual speeches launched the 27 member conference which started on Tuesday (16 December).
U.S. Secretary of State, Henry Kissinger, attended the first day and a half of the conference. Prior to his departure for Washington, the U.S. capital, he said that he believed lower oil prices would benefit everyone -- including the producers -- in the long run. He said that although there were bound to be disagreements on some issues he believed the conference would be a success and would return for the last three days.
This film is serviced with part of an interview with U.S. Secretary of State, Henry Kissinger, a transcript of which appears below.
Twenty seven countries are currently taking part in the International Conference of Energy and Raw Materials in the French capital, Paris. It started on Tuesday and after a long series of individual speeches it became apparent that the oil producing nations were on the offensive.
U.S. Secretary of State, Henry Kissinger, spoke to newsmen as he left the conference.