New oil price awaited
(N.Z.P.A.-Reuter —Copyright)
VIENNA, September 25.
The principal oilexporting nations seem close to a decision on higher petroleum prices, but remain undecided on exactly how much Western customers should pay.
Higher prices seemed inevitable as Ministers of the 13 countries belonging to the Organisatin of Petroleum Exporting Countries moved into the second day of their first price-fixing conference since December, 1974.
Conference sources say that price rises between 5 and 10 per cent appear likely, which would add between 50 cents and $1 to the cost of an average barrel of O.P.E.C. oil now costing $10.46. Iraq wants prices raised by 20 to 25 per cent, and some analysts say that intense debate today could force a compromise which would increase the price by around 15 per cent. In world-wide terms, such an increase would add slsoom a year to the nonCommunist world’s oil-im-port bill.
Sheikh Ahmed Zaki Yamani, Saudi Arabia’s Oil Minister, wants a nine-month price freeze to be extended.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19750926.2.77
Bibliographic details
Press, Volume CXV, Issue 33958, 26 September 1975, Page 9
Word Count
164New oil price awaited Press, Volume CXV, Issue 33958, 26 September 1975, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in