The Organisation of Oil Exporting Countries have decided that oil prices should be linked to the rate of inflation and the costs of manufactured goods and technology.
SV The Shah of Iran followed by President Boumedienne of Algiers and others entering conference building.
SV Iraq's Vice-President Khaddam Hussein and others.
SV ZOOM OUT President Boumedienne and others seated.
GV Delegates in conference.
SV Shah of Iran listening to another delegate.
SV Libyan delegates.
SV Delegates from Qatar.
SV Delegates from United Arab Emirates.
SV Venezuelan delegates.
SV Saudi Arabian delegates.
SV Nigerian delegates.
GV Delegates in conference room.
GV ZOOM OUT President Boumedienne speaking, delegates listening.
Initials VS 10.5 VS 10.15
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Background: The Organisation of Oil Exporting Countries have decided that oil prices should be linked to the rate of inflation and the costs of manufactured goods and technology.
In a declaration issued at the end of their first-ever Heads-of-State summit meeting in Algiers on Thursday (6 March), they said inflation and currency depreciation had wiped out a major proportion of the real value of their 1973 price increases.
They had also decided in principle to take part in an international conference with oil consuming countries. But they stressed that such a meeting should be a conference of developed and developing countries.
It shouldn't be confined to energy problems alone. Instead it must include questions of raw materials produced by other developing countries and the reform of international monetary system.
OPEC has appointed Saudi Arabia, Iran, Venezuela and Algeria to accept invitations to attend a restricted preparatory meeting to be held in Paris on Aril 7.
Outside the conference room, the summit meeting has produced an agreement between Iran and Iraq to try to settle their border feud and other disputes. The agreement was signed by the Shah of Iran and Vice-President Khaddam Hussein of Iraq.