Many heads of state of oil producing nations are gathering in Algiers for the first ever summit meeting of OPEC members.
Many heads of state of oil producing nations are gathering in Algiers for the first ever summit meeting of OPEC members. The show of unity is an indication of the importance of the conference which comes at a time of falling world demand for oil. The outcome of the summit could vitally effect the future stability of the world oil market.
The Shah of Iran is due to attend the opening on Tuesday. The conference host, Algerian President Houari Boumedienne is also preparing to welcome the Presidents of Venezuela, Ecuador and Gabon and welcome the heads of State of Kuwait, Qatar and the United Arab Emirates.
King Faisal of Saudi Arabia, the world's biggest oil exporter, is unable to attend. Other absentees will be President Suharto of Indonesia, Iraqi President Ahmed Hassan al Bakr and Colonel Muammar Gaddafi of Libya.
The groundwork for the summit was worked out at a three day meeting of OPEC oil Ministers in Vienna. The declaration of principles they decided upon will be submitted for approval to the summit. It sets out OPEC's approach to the coming dialogue with industrial consuming nations.