Iranian Finance Minister, Dr. Jamehid Amouzegar, said in Geneva, Switzerland, on Wednesday (January 9) that?
GENEVA, SWITZERLAND (JANUARY 9, 1974) (REUTERS)
GV Delegates entering hall (2 shots)
CU Amouzegar speaking:
"Prices will be according to the story of the economic commission which will be ready before April. In the meantime we think that the industrialised countries have to take care of what is happening in their countries: inflation in their exports, the matter of pricing the oil companies to the companies to the consumers of the final oil product, because the consumers are charged by the oil companies in the pricing. So they have to take car of that and then they will be ready to consider what we should do in connection with the problem of pricing."
Initials BB/0235 JT/DW/BB/0239
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Background: Iranian Finance Minister, Dr. Jamehid Amouzegar, said in Geneva, Switzerland, on Wednesday (January 9) that the oil-consuming nations must play their part in keeping down oil prices. They could do this, he said, by controlling inflation and preventing high profits by the oil companies. He was speaking at the end of a three-day extraordinary conference of the 12-nation Organisation of Petroleum Exporting Countries (OPEC).
Dr. Amouzegar said that there would be no rise in oil prices for the next three months. There would be no decrease either, he pointed out, although the dollar -- the currency in which oil prices are calculated -- had gained in value recently. The oil-producing countries are known to be particularly worried by inflation because it forces up the price of the manufactured goods they import.
A communique issued after the conference stated that OPEC's economic commission had been instructed to work out as quickly as possible a long-term pricing system for oil.
Dr. Amouzegar told reporters that responsibility for oil price rises lay just as much with the consuming countries.