NEW OIL AGREEMENT

Evening Post, Volume CXL, Issue 74, 25 September 1945, Page 8

NEW OIL AGREEMENT

ANGLO-AMERICAN PLANNING Rec. 1 p.m. LONDON, Sept. 24. A revised Anglo-American petroleum agreement has been signed superseding the agreement signed at Washington in August of last year, but not brought into force. The preamble says the agreement is a preliminary measure to calling an international conference to consider the negotiation of a multilateral petroleum agreement.

The signatories affirm that adequate petrol supplies should be accessible to nationals of all countries on a competitive, non-discriminatory basis, while the interests of producing countries should simultaneously be safeguarded.

The two Governments agree, as soon as practicable, to propose to the Governments of all interested producing and consuming countries the negotiation of an international petroleum agreement which, inter alia, would establish an international petroleum council.

They agree to formulate at an early date plans for an international conference to negotiate such a multilateral agreement. Stating that the numerous international petroleum trade problems must be resolved on a co-operative interim basis if the general supply situation is not to deteriorate, the signatories agree to establish an International Petroleum Commission composed of six members, three to be appointed immediately by each Government. The Commission will study the problems of the international petroleum trade and the effects of changing technology upon it. The body will also prepare periodic estimates of world demand for petroleum, the supplies available, and the means whereby such demands and supplies may be correlated. The signatory Governments agree to obtain the collaboration of the Governments of other producing and consuming countries. They agree that their general purpose is to facilitate the orderly development of the international petroleum trade, as distinct from domestic industry, within either country, and that agreement in no wise impairs any law, or right to enact any law relating to the importation of petroleum into either country. The agreement will continue in force until three months after notice of termination of it is given by either Government or it is superseded by the contemplated international agreement.