The Iraqi Oil Minister, Tayeh Abdul-Karin, claimed in Algiers on Monday (9 June) that all members of the Organisation of Petroleum Exporting Countries (OPEC) with the exception of Iran had accepted the basic idea of raising the benchmark price of oil to thirty two dollars a barrel.
GV Flags of the OPEC member countries outside the Hotel Aurassi in Algiers.
SV Algerian delegate takes seat at the head of the table.
CU ZOOM OUT Iranian delegates seated at conference.
SV United Arab Emirates delegate seated.
CU ZOOM OUT Iraqi delegate seated.
SV Libyan Jamahiriyah delegate seated.
CU ZOOM OUT Kuwaiti delegate seated.
CU ZOOM OUT Saudi Arabian delegates.
CU ZOOM OUT Venezuelan delegate seated.
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Background: The Iraqi Oil Minister, Tayeh Abdul-Karin, claimed in Algiers on Monday (9 June) that all members of the Organisation of Petroleum Exporting Countries (OPEC) with the exception of Iran had accepted the basic idea of raising the benchmark price of oil to thirty two dollars a barrel. But the ministers told Reuters News agency at the start of the price-setting talks in the Algerian capital that Saudi Arabia was setting pre-conditions which might be difficult to meet.
SYNOPSIS: Before the talks, few of the thirteen OPEC states meeting in Algiers believed that stability could be regained from the free-for-all which had existed since the unified pricing structure was scrapped last year. Iran's Oil Minister, Ali Akbar Moinfar thought thirty two dollars was too low and chances of an accord at Algiers slender. The Iraqi proposal would entail a substantial price rise by Saudi Arabia, now at the bottom of the present price range. It would mean a price rise on average of up to three dollars a barrel.
The Saudi Oil Minister, Sheikh Ahmed Zaki Yamani said earlier, he could not agree with the Iraqi plan which would reunify OPEC pricing. But the Iraqi Minister said on Monday (June), he had spoken with Sheikh Yamani and the Saudis would agree provided a solution could be found to the problem of price differentials between different producers.