The world's main oil-exporting countries on Sunday (26 January) declared their readiness to start talks with consumer nations along the lines of proposals from French President Valery Giscard d'Estaing.
GV INT.Delegates attending
SCU Bouteflika talking to delegates.
SV Sheikh Yamani with Saudi Arabian delegation.
SCU Iraq delegation.
GV Conference hall and television cameras.
SCU OPEC Secretary-General Feyide speaking:
SCU Bouteflika and members applaud.
TRANSCRIPT: (SEQ 6): "The conference reviewed the present world economic situation and concluded that the present economic crisis which affects the international community contains a grave threat to world peace and economic stability. It condemns the propaganda campaigns placing on OPEC member countries the responsibility for this crisis, as well as threats directed at these countries.
In view of the present international situation and conscious of the solidarity which binds their peoples together, the Ministers agreed to start immediately the preparations for the conference of Heads of State of OPEC-member countries which will be held in Algiers at a suitable time between twenty-first of February and the eighth of March, 1975."
Initials VS 6.55 VS 7.05
This film includes a part of the communique being read in English by Mr. Feyide.
Script is copyright Reuters Limited. All rights reserved
Background: The world's main oil-exporting countries on Sunday (26 January) declared their readiness to start talks with consumer nations along the lines of proposals from French President Valery Giscard d'Estaing.
The Organisation of Petroleum Exporting Countries (OPEC) also agreed to hold its first-ever summit conference sometime between 21 February and 8 March.
The announcements came at the end of a three-day conference of Foreign, Finance and Oil Ministers of OPEC's 13 member countries. The proposed dialogue between the producers and consumers will cover the world energy crisis and the effects of the recent five-fold increase in the price of oil.
OPEC members also generally approved an Algerian proposal which aims to stabilise the world economy over the next five years. It would involve freezing oil prices in real terms by pegging them to an index of world inflation. There would be no price rise in 1975 and the price would rise by 80 or 90 percent of the world inflation rate in the following two years.
In their communique, the OPEC members made it clear the conference should be given a wider scope and deal with the "problems of raw materials and development".
The communique reflected the OPEC feeling that they are too often blamed for the economic ills of the world. It was read to the conference by the Organisation's Secretary-General Meshach Otokiti Feyide.