Ministers from the Organisation of Petroleum Exporting Countries (OPEC) began a special, two-day meeting in Geneva on Monday (7 January) to discuss developments in the world oil situation.
GV Pan Down exterior Intercontinental Hotel, Geneva
SV Interior delegates enter
SV Delegates in Conference Hall
SV Pan from Kuwaiti Nigerian delegates seated pan on to Qatari delegation
CU Chairman of the meeting seated
SV Pan Gabonese and Equadorian delegates pan on the empty Algerian seat
SV Iraqui delegation
CU Pan from plaque "Libyan Arab Republic" to back of Libyan delegate, pan over to other delegations
Initials SC/1604 SC/1626
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Background: Ministers from the Organisation of Petroleum Exporting Countries (OPEC) began a special, two-day meeting in Geneva on Monday (7 January) to discuss developments in the world oil situation.
OPEC's Secretary-Genera, Mr. Abderrahman Khene, told reporters that members were concerned about the effects of increases in oil prices on the poor nations. Every OPEC member-nation, with the exception of Mr. Khene's home-county, Algeria, has raised its posted price of petroleum in recent weeks. The posted price is the amount oil companies pay in royalties and taxes.
Three other items are also on the agenda. The are a; joint prices policy among OPEC members; co-operation between producers and oil importing countries; and the feasibility of linking of petroleum prices to the fluctuating costs of manufactured goods imported by oil-producing nations.
By Monday night, only the creation of a joint prices policy had been discussed by the Ministers of the 12 member-nations plus Gabon, which has non-voting, associate status within the organisation.
SYNOPSIS: A representative from Gabon attended Monday's meeting. The African nation is a non-voting member of the organisation which is composed of twelve other oil-producing nations. They are responsible for most of the world's petroleum supplies. Half of OPEC's members are from the Middle East.
Recently, member-nations have increased the price of oil; in Libya's case by one hundred per cent. Libyan oil is now the most expensive on sale in the world market.