O.P.E.C. Bettles on 10% oil cut
NZPA-Reuter Teheran The member states of the Organisation of Petroleum Exporting countries (0.P.E.C.) came to a gentlemen’s agreement at their recent meeting in Vienna to cut oil production by 10 per cent, Iran has announced. The cut, effective from October 1, was designed to mop up the present glut of crude oil on world markets, Ali Akbar Moin- •
far, the chairman of the Iranian Majlis (Parliament) Oil Commission and Acting Oil Minister, told journalists. Asked when the cut could be expected to bring world oil supply and consumption into balance, Mr Moinfar, who headed the Iranian delegation to Vienna, said, “Maybe in two or three months, it will depend on the winter.” O.P.E.C. Ministers who met in Vienna from September 15 to 17 to exam-
ine the oil market, estimated the over-supply of oil at between 2.5 and three million barrels per day (b.p.d.), which consumer nations are stockpiling.
The Iraqi Oil Minister, Tayed Abdul Karim, was quoted by the Gulf news agency as saying the production cut was agreed at a special meeting of O.P.E.C. Oil Ministers at the Vienna conference. Saudi Arabia, which raised its benchmark light crude oil price to $3O a
barrel from $2B at the meeting, came under strong pressure at the conference to cut its production, but maintained that it alone had the right ,to decide its output. The Saudi Oil Minister Ahmed Zaki Yamani. said in Vienna that Saudi production would stav unchanged at 9.5 million b.p.d., until the end of this year, and an O.P.E.C. communique made no mention of output cuts. However, the 10 per cent cut agreed on would
bring Saudi production down to about 8.5 million b.p.d.. widely urged before the O.P.E.C. meeting. Total O.P.E.C. production before the cut was put about 27 milli.m b.p.d. World oil demand has slackened in recent months because of the economic recession in Western industrialised nations, while Saudi Arabia has kept its output high and O.P.E.C. prices have risen 150 per cent since 1978.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19800922.2.10
Bibliographic details
Press, 22 September 1980, Page 1
Word Count
337O.P.E.C. Bettles on 10% oil cut Press, 22 September 1980, Page 1
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.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in