The special United Nations debate on world economic problems continued on Tuesday (April 16) with stern warnings from two oil exporting countries -- Iraq and Saudi Arabia -- that the industrialised countries had largely caused the present energy crisis through their greedy demand for cheap oil and that they must play their part in staving off a world recession.
GV PAN INTERIOR General Assembly
SV Ecuador delegate speaking.
GV delegates listening
GV Iraq delegate
GV Delegates listening
SCU Sheikh Yamani speaking.
However, I feel that the United Nations and the peoples owning raw materials should take a leaf from the results achieved by the unification of the oil exporting countries in the defence of a strategic, non-renewable product. They have placed themselves at the vanguard of international revindication, and any widening of this experience to embrace other primary producers may fulfil our oldest aspirations towards solid cooperation and effective interdependence through justice and true understanding.
We must single out for praise the creation by the OPEC countries of Development Fund, an unprecedented act of international solidarity at the service of the Third World, and also an example of international cooperation without either political or economic strings attached.
The adverse terms of trade of developing countries have been further aggravated by chronic inflation generated in the industrialised countries. Long-term inflationary trends have been exported to developing countries, thereby adding further strains to their balance of payments.
Mr. President, the oil exporting countries shall not entertain any suggestions that aim to impose upon them a trusteeship for determining the prices of their oil. What they accept, and request, is a discussion of the global economic situation from all its angles including energy and its prices. What we face today is undoubtedly a new world situation that can neither be ignored nor only partly dealt with. Individual self-interest must not be permitted to persuade us to ignore the issues, for the danger that threatens us is no less than a worldwide recession.
Initials AE/2126 AE/20.39
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Background: The special United Nations debate on world economic problems continued on Tuesday (April 16) with stern warnings from two oil exporting countries -- Iraq and Saudi Arabia -- that the industrialised countries had largely caused the present energy crisis through their greedy demand for cheap oil and that they must play their part in staving off a world recession.
The Ecuador Energy Minister, Captain Gustavo Ampudia, congratulated the oil producer on taking such firm action about prices and suggested that primary producers of other raw materials should do the same.
Iraq's Minister of Oil and Minerals, Mr. Saadoon Hammadi, said that the ever-widening gap between rich and poor countries was as much the fault of the industrialised countries as the oil-exporters, because the terms of world trade were so unfair.
Finally, Saudi Arabian Petroleum Minister, Sheikh Ahmed Yamani, warned that a worldwide recession could only be avoided through international co-operation.
Energy Minister Ampudia spoke for Ecuador. Below is a translation from Spanish into English.
Minister of Oil and Minerals, Mr. Saadoon Hammadi, spoke for Iraq.
Finally, Petroleum Minister, Sheikh Ahmed Yamani spoke for Saudi Arabia.