INTRODUCTION A sixty-three man Japanese trade delegation on a tour of the Arab Gulf states has been briefed on the United Arab Emirates oil policy -- in the middle of a major split over prices among Middle East producers.
INTRODUCTION A sixty-three man Japanese trade delegation on a tour of the Arab Gulf states has been briefed on the United Arab Emirates oil policy -- in the middle of a major split over prices among Middle East producers. The delegation began its two-week, seven-nation tour in Abu Dhabi, capital of the Emirates.
SYNOPSIS: They started with a formal meeting with the Emirates Deputy Supreme Commander, Sheikh Khalifa ben Zayed. The Japanese delegation, led by Foreign Trade and Co-operation Council Chairman Mr. Shigeo Nagano, is trying to sell more Japanese products and technology to the increasingly-rich Arab oil producers.
It was the Emirates Oil Minister, Dr. Mana Saeed el-Oteiba, who briefed the Japanese mission on the state's oil policies. Japan, like other major industrial countries, is trying to balance its trade with the Arab nations to offset huge annual oil bills. The Emirates are directly involved in the prices split. Together with Saudi Arabia, they're holding down of price rises in the face of bigger increases by other producers.
The Japanese group also had talk with Abu Dhabi Chamber of Commerce leaders. Japan buys a major part of its oil needs from the of its oil needs from the Middle East. where a price war is now being threatened by the prices argument. While industrialised countries are buying more from the Emirates and Saudi Arabia, who are increasing production to cope with the demand, other Middle East nations have suffered a loss in orders. One of them, Iran, has retaliated by threatening to stop supplies to its major customers if they also buy elsewhere.