Oil freeze ‘likely to continue’
NZPA-Reuter Vienna The head of the International Energy Agency has said that he does not expect petroleum producers to raise oil prices at their next regular meeting this week-end in Geneva.
Dr Ulf Lantzke, executive director of the 19-nation LEA., told reporters he believed the Organisation of Petroleum Exporting Countries would maintain its oil price freeze until the end of this year. O.P.E.C. Oil Ministers are due to meet in Geneva on Saturday to discuss oil prices, which were frozen at 5U512.70 a barrel during
their last conference in December, 1977. Since then some O.P.E.C. States — including Kuwait on Tuesday — have indicated they will challenge Saudi Arabia’s determination to hold down oil price increases until next year. But Dr Lantzke said that the I.EA. — which was set up by big oil-importing nations as a result of the 1973-74 oil crisis — had not prepared any projections on what an O.P.E.C. price increase would cost industrialised States at this stage. “We do not think the Ministers will raise prices just yet,” he said.
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Press, 15 June 1978, Page 9
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176Oil freeze ‘likely to continue’ Press, 15 June 1978, Page 9
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