In a new round of oil diplomacy talks in Tokyo on Sunday (27 January) between Japanese leaders and Saudi Arabian Oil Minister Sheikh Ahmed Zaki Yamani, the possibility emerged of lower crude oil prices.
SV Yamani enters room with Deputy Premier Miki and takes seat. (2 shots)
CU Miki PAN TO Yamani
MV Miki and Yamani speaking
MV Oil ministers, right Belaid Abdessalem, seated PAN TO Yamani and Miki leaving
EXT Foreign Ministry Reception House sign
SV Ohira and Yamani enter room and shake hands with Japanese officials
CU Yamani and Ministers talking (2 shots)
MV & CU Yamani
MV PAN Ministers talking
"We are interested in technology and industry and therefore we will sell oil to those who are ready and able to give us what we need -- technology and industry", he said.
Script is copyright Reuters Limited. All rights reserved
Background: In a new round of oil diplomacy talks in Tokyo on Sunday (27 January) between Japanese leaders and Saudi Arabian Oil Minister Sheikh Ahmed Zaki Yamani, the possibility emerged of lower crude oil prices.
Later Sheikh Yamani added that Saudi Arabia would not unilaterally reduce prices but would only do so in concert with the Gulf States.
He said Saudi Arabia was going to ask the members of the Organisation of Petroleum Exporting Countries (O.P.E.C.) to consider the possibility of reducing prices.
In Tokyo, all eyes were on the powerful Arab spokesman. Business houses took out special newspaper supplements to praise Sheikh Yamani and examine the issues behind the Middle East crisis. He will also be received by Emperor Hirohito.
The Saudi Arabian Oil Minister has again made it clear that in future the price of Saudi oil will not be measured in terms of dollars:
Sheikh Yamani added that Japan was in a stronger position to do this than either the United States or European countries.
The Algerian Industry and Energy Minister, Belaid Abdessalem, who is also chairman of the Organisation of Arab Petroleum Exporting Countries (O.A.P.E.C.), has been in Japan since Wednesday (23 January). On Monday (28 January) he was quoted by Japanese officials as saying he took a different view over the Saudi plan for lower oil prices.
According to Japan's Federation of Economic Organisations the main question facing the country in the oil crisis is not how to get enough crude oil but how to pay for it.
If the present high prices of crude oil continue, Japan's oil import bill for the 1974 fiscal year could rise close to 20,000 million dollars (9,090 million pounds Sterling)