The United States Treasury Secretary, Mr. William Simon, has warned oil producing nations not to?
GV INTERIOR International Monetary Fund conference in Manila, ZOOM IN TO United States Treasury Secretary William Simon on speakers' rostrum
SVs Delegates seated
SV PAN FROM Delegates TO Simon on rostrum
GV Mr. Simon addressing conference
SIMON: "Unless there is some dramatic change in the outlook, the world payments pattern next year will strikingly resemble that of 1974 ... the first year of abnormally high oil prices. Indeed, if the oil-producing nations take, as is now rumoured, the dangerous step of again raising the price of oil, it would seriously aggravate an already troublesome economic and financial in oil prices, the aggregate OPEC surplus in 1977 will again be 50 billion dollars or more, while deficits in the industrial DECD countries would be of the order of 35 billion dollars, and the oil importing developing countries in the range of 12 to 15 billion dollars."
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Background: The United States Treasury Secretary, Mr. William Simon, has warned oil producing nations not to raise the price of petroleum products. He was speaking on Tuesday (5 October) at the meeting of the International Monetary Fund at Manila inn the Philippines.
SYNOPSIS: Mr. Simon told the delegates that there were rumours in the world business community that the price of oil would be raised. He said such a decision would plunge the world back into an economic depression. The Manila meeting represents more than 120 countries.