Oil companies seek recess

Press, Volume CXIII, Issue 33355, 13 October 1973, Page 15

Oil companies seek recess

. (N.Z.P.A.-Reuter —Copyright) VIENNA, October 12. Western oil companies called today for a twoweek recess in price talks with Gulf producers because of failure to agree on demands by the producing nations. The 13 oil companies involved in the Vienna talks, which began on Monday, said they needed time for further studies and consultations. This was because the price changes under discussion “would have exceptionally serious and wide-ranging implications,” both for the companies and for the world’ economy.

The chief negotiator for the companies, Mr George Piercy, a senior vice-president of the American Exxon Corporation, asked for the recess at a meeting with the Saudi Arabian Minister for Petroleum (Sheikh Ahmed Zaki Yamani).

A spokesman for the companies said the discussion between Mr Piercy and Sheikh Yamani continued into the early hours of this morning. They decided there was no point holding the full-scale negotiating session arranged for 11 a.m. The spokesman said the companies were awaiting a response from the Organisation of Petroleum Exporting Countries to their request for an adjournment. The companies involved are signatories to the 1971 Teheran agreement which set price levels for crude oil from Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia.