• Short Summary

    Senier Ministers from the thirteen members of the Organisation of Petroleum Exporting Countries (OPEC), met in Vienna, Austria, on Friday (13 September), for their quarterly price-fixing review.

  • Description

    Senier Ministers from the thirteen members of the Organisation of Petroleum Exporting Countries (OPEC), met in Vienna, Austria, on Friday (13 September), for their quarterly price-fixing review. They decided to maintain their nine-month basic prices freeze until the and of this year.

    This was announced at the end of the meeting by the Iranian Minister of the Interior, Mr Jamshied Amouzegar. However, he said OPEC countries have charged the oil companies an extra three-and-a-half per cent in royalties, which could be paid out of the copanies' expanding profits, and which need not be passed on to the consumer.

    Following last year's quadrupling of oil prices, the OPEC countries had frozen basic prices for the first three-quarters of this year. A decision to end the freeze new would have pushed world prices up again.

    Minister questioned after the meeting said they were moving towards a consensus to step up by a small amount, taxes and royalties levied on oil companies. Dr Amouzegar said that oil companies were now making profit increases of eighty to ninety per cent each quarter; and some of that extra profit "should be soaked up by the producers."

  • Tags

  • Data

    Film ID:
    VLVACNP7NHI7NTPK6K0ALW0X1EAB2
    Media URN:
    VLVACNP7NHI7NTPK6K0ALW0X1EAB2
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    13/09/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:54:00
    Time in/Out:
    /
    Canister:
    N/A

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