O.P.E.C. sales
NZPA Vienna Oil sales by the 13 members of O.P.E.C. fell more than SUS2S billion ($34.7 billion) in 1981 as a steep decline in production more than offset an increase in prices, the cartel said today. The drop in oil income, which analysts believe has accelerated this year, reflects the emergency in early 1981 of a world-wide glut of oil that has persisted and is putting intense pressure on the Organisation of Petroleum Exporting Countries to reduce prices. l The situation is expected to create friction when the cartel holds its regular winter meeting on December 19 in Vienna. Although there appears to be general agreement among the Ministers that O.P.E.C.’s official benchmark price of SUS 34 ($47.3) a barrel must be kept, the members strongly disagree on how to combat the glut. Hussain Najadi, chairman of the Arab Asian Bank, said in Singapore yesterday that oil prices could tumble to between SUS2S ($34.7) and SUS2B ($39) a barrel if the cartel fails to allocate production among its' members.
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Press, 3 December 1982, Page 6
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171O.P.E.C. sales Press, 3 December 1982, Page 6
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