President Carlos Andres Perez of Venezuela has asked the major oil exporting nations of the world to increase their prices by five to eight per cent.
President Carlos Andres Perez of Venezuela has asked the major oil exporting nations of the world to increase their prices by five to eight per cent. Opening the 50th Ministerial Conference of OPEC in Caracas on Tuesday (20 December). President Perez said such an increase could be used initially to help third world countries pay off debts.
SYNOPSIS: Thirteen OPEC members have been attending the two-day conference and received a warm welcome from their Venezuelan host, President Perez. The Ministers have been meeting to fix prices from January first next year and are reported to be divided on raising charges or freezing them.
Iraqi Oil Minister Tayeh Abdul-Karim has boycotted the conference as he believes a prior agreement has already been reached among the five major producers on the Gulf to freeze prices. Sheikh Yamani, the Saudi Arabian Oil Minister, supports a price freeze and told reporters on Monday (19 December) that there would be no increase at the Caracas meeting.
But he warned that the Western world must expect the price of oil in 10 years' time to be much higher than it is today. President Perez appears to accept that oil exporters are likely to keep oil prices frozen at present levels for 1978. But Venezuela, while accepting a consensus, will urge other delegations to raise prices.