Oil rise ‘to be 5 p.c?
Saudi Arabia favours a 5 per cent increase in the price of oil, the Lebanese daily, “Al Anwar,” has said in Beirut. The Saudi Oil Minister (Sheik Ahmed Zaki Yamani) recently toured Kuwait, the United Arab Emirates, and Qatar to convince the Governments of those countries to keep price increases down to 5 per cent, the newspaper added, quoting reliable sources in Abu Dhabi. “The fall in the dollar explains the Saudi position,” the newspaper said. The oil price increase would, in fact, maintain the fuel’s international price at its former level.
Most countries belonging to the Organisation of Petrol Exporting Countries were likely to go along with the Saudi request at the organisation’s meeting in Caracas next month, as demand had diminished considerably because of the large reserves maintained by consumer countries, “Al Anwar” said.
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Press, 12 November 1977, Page 8
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142Oil rise ‘to be 5 p.c? Press, 12 November 1977, Page 8
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