Energy Ministers of the oil-consuming countries agreed on Tuesday (9 December), to draw on stocks over the next few months to curb demand for imported oil.
GV EXTERIOR OF OECD building in Paris used for meeting
GV Delegates arriving (3 shots)
SV President of the IEA Committee, Charles Duncan sitting
SV Secretary-General Van Lennep and Committee Director Miyazaki
SV German representative
SV Japanese representative
SV New Zealand representative
SV Australian delegates PAN TO Austrian delegates
SV Netherlands delegates
SV UK delegates
SV Portuguese delegates
SV Greek delegates
SV Canadian delegates
SV US delegate TO Spanish delegates
LV Delegates seated at table
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Background: Energy Ministers of the oil-consuming countries agreed on Tuesday (9 December), to draw on stocks over the next few months to curb demand for imported oil. They hoped this would help prevent major price increases being made at next week's OPEC (Organisation of Petroleum Exporting Countries) meeting in Indonesia.
SYNOPSIS: In Paris, energy ministers and delegations arrived for the 21-nation meeting of the International Energy Agency. Oil-consuming countries resolved to draw much more heavily on stocks to curb demand for imported oil. They hoped their action would prevent major price increases being made at the OPEC meeting. Ministers said their governments would cut demand for oil by ten percent in the first three months of next year. They hoped their decision would relieve pressure on the market, hit by the loss of Iraqi and Iranian exports because of the Gulf war.
The meeting agreed the health of the world's economy depends to a large extent on oil price stability. They noted the economic recovery foreseen for 1981 is uncertain and a large oil price increase would almost surely destroy chances for recovery. They said countries with relatively high stocks of supplies would help those with scarce reserves and encourage oil companies to do the same.