Government officials from the world's leading oil exporting countries opened talks in Vienna, Austria on Thursday (30 May).
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Background: Government officials from the world's leading oil exporting countries opened talks in Vienna, Austria on Thursday (30 May). They are to recommend prices for the third quarter of 1974 and discuss tax reforms designed to soak up oil company profits.
Meeting as the Economic Commission of the Organisation of Petroleum Exporting Countries (OPEC), the Government experts are making their recommendations in order that they may be considered by oil ministers at their next meeting in Quito, Ecuador on June 15.
The experts in Vienna are working on blueprints for a new taxation system, also to be considered by the ministers in Quito, which are designed to raise their Government's revenues at the expense of oil company profits.
Experts say that whatever the meeting in Vienna recommend and the ministers in Quito decide, the cost of crude oil will continue to rise as the oil states take over an increasing proportion of production and marketing.