Oil ministers for the world's leading Petroleum-exporting nations began a two-day conference in Vienna on Wednesday (27 June).
MV Delegates enter meeting room (2 shots)
MV Iraq delegation PAN conference room
MV Nigerian delegation PAN TO Libyan delegation
SV Qatar delegation PAN Saudi Arabian delegation
MV Trinidad & Tobago delegation PAN Saudi Arabian delegation
GV Conference table
SV Doors being closed to press
Initials SGM/1858 SGM/43
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Background: Oil ministers for the world's leading Petroleum-exporting nations began a two-day conference in Vienna on Wednesday (27 June).
Prices for petroleum were expected to be high on their list of discussions, but sources close to the oil industry expected that prices would stay at their present level, at least for the next few months.
A committee of experts was expected to report to the closed-door meetings that current oil prices do not adequately take into account the present worldwide inflation.
The 1971 Teheran oil-pricing agreement covered inflation, but members of the 11-nation Organisation of Petroleum Exporting Countries (OPEC) are concerned that its provisions have been easily outstripped by present-day inflationary trends.
OPEC's Vienna meeting was expected to discuses the present world energy crisis and plans to make better use of oil revenues earned by Middle East and Arabian Gulf producers. OPEC watches over the interest of Algeria, Abu Dhabi, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia and Venezuela.
Venezuela was expected to press at the Vienna meeting for the admission of Trinidad and Tobago to the organisation. Arab countries blocked Trinidad's admission in 1972 because of fears this could undermine their influence in the organisation.