The Saudi Oil Minister, Sheikh Ahmed Zaki Yamani, has predicted that world oil prices will not rise by more than ten percent next year, or the year after.
GV Pan Saudi Arabian Oil Minister, Sheikh Ahmed Zaki Yamani, arriving at Parliament House, Canberra,, to be greeted by the Australian Deputy Prime Minister, Doug Anthony, as Commonwealth policeman looks on. (2 shots)
SCU Sheikh Yamani speaking in English
TRANSCRIPT: YAMANI: "For '81, we won't have any sharp increases in the price of oil. In '82, I think we'll have some nominal increases. Hopefully, we will be able to apply the pricing formula, which links the price of oil to the inflation rate, currency fluctuations, and the GNP rate of growth in the OECD countries. Now, if we do this, there might be an increase in '82 something in the neighbourhood of a ten percent. We expect a recession, or a very low rate of growth in '81, world-wide; and therefore eight percent, ten percent might be the maximum possible for the future."
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Background: The Saudi Oil Minister, Sheikh Ahmed Zaki Yamani, has predicted that world oil prices will not rise by more than ten percent next year, or the year after. He believed the international recession would keep prices at a low level during the next two years. Sheikh Yamani said this to the National Press Club in the Australian capital of Canberra. He was visiting Australia after OPEC summit meeting in Bali.
SYNOPSIS: When he arrived in Canberra, Sheikh Yamani was greeted by Australia's Deputy Prime Minister and leader of the National Country Party, Mr. Doug Anthony. He was later to inform a group of Australian ministers, led by Mr. Anthony, on he supply demand ration in world oil, on how the Iran-Iraqi war was affecting production, and Saudi Arabia's general policies.