Oil price prediction

Press, Volume CXVI, Issue 34107, 20 March 1976, Page 15

Oil price prediction

i (N Z.P.A.Reuter—Copyright) I WASHINGTON. ’ The Saudi Arabian Oil Minister (Sheikh Ahmed Zaki Yamani) has predicted that world oil prices will be frozen some time this year. Sheikh Yamani who is in Washington to confer with the American Secretary of State (Dr Henry Kissinger) told reoorters that Saudi Arabia would oppose any increase in the price of oil sought bv other members of the Organisation of Petroleum Exporting Countries (0.P.E.C.). “There will be a freeze on the price of oil this yeai.” he said. His meeting with Dr Kissinger came after five daysof talks in Panama City. Florida, with officials ot four American oil companies on the planned Saudi takeover of tne Arabian American Oil Company, the world’s largest oil-producer. Standard Oil of California, Texaco, Exxon, and Mobil, own all the shares in Aramco, which, in turn, owns 40 per cent of oil production assets in Saudi Arabia. The Saudi Government alreidy owns the rest. Sheikh Yamani said that it would take a month or so before final details were worked out for the purchase of the American firms’’ share.