Arabs lift embargo

Press, Volume CXIV, Issue 33487, 19 March 1974, Page 1

Arabs lift embargo

(fl Z.P A.-Reuter—Copyright)

VIENNA, March 18.

Arab Governments today will allow their oil to flow again to the United States after five months of embargo, according to the Saudi Arabian Oil Minister (Sheikh Ahmud Zaki Yamani).

The Minister said last night that Arab States had reached full agreement on ending the embargo, imposed during the October Middle East war because of United States support for Israel. But he said nothing about ending the embargo against the Netherlands.

However, a report from Cairo says that the decision to lift the embargo against the United States may be delayed for a week to refer it to an Arab Foreign Ministers’ meeting on March 25. “Al Ahram,” the authoritative Cairo daily, reports that Libya still rejects the lifting of the embargo, and it quotes the Libyan oil Minister (Izzeddin Mabrouk) as saying: “My Government still insists on imposing the embargo. We do not reject the lifting of the embargo in principle, but we feel it is premature at this moment.” But Sheikh Yamani said: “The restrictions will be lifted tomorrow,” after an evening of meetings with Ministers from eight other Arab States. They will meet again today, presumably to announce the decision.

The long-awaited signal for Arab oil to start flowing again to the United States came after the Arab States had agreed with other principal exporting nations to keep oil prices frozen, at record high levels, for another three months.

This decision, described by the Iranian Finance Minister (Dr Jamshid Amouzegar) as a gesture of good will, was

taken by the 12 nations of the Organisation of Petroleum Exporting Countries. Sheikh Yamani said that the embargo would be lifted and Arab oil production increased accordingly.