Oil supplies exhausted early?
NZPA Abu Dhabi Arab oil production is running too high and reserves could be exhausted earlier than scheduled if output continues at present levels, the Organisation of Petroleum Exporting Countries (0.P.E.C.) Secretariat has warned.
On prices, the secretariat’s sixth report said that the cause of continual price rises was inflation in the industrialised economies. The report said that in real terms crude cost no more last year than in 1974. The secretariat said that the high 1974 price rises had been crucial in obliging the West to pay more attention to developing alternative energy sources, thus spinning out oil reserves,
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Press, 10 January 1981, Page 5
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104Oil supplies exhausted early? Press, 10 January 1981, Page 5
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