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Arab Oil Embargo / Newsmaker Interview #233426

CBS Evening News for Monday, Mar 18, 1974
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(Studio) 7 of 9 Arab oil-producing cntrys. agree to end oil embargo against United States.
REPORTER: Walter Cronkite

(Vienna, Austria) [Oil meeting spokesperson Dr. Ibrahim OBAID - announces embargo lift.] Syria and Libya resist decision. Algeria agrees to lift embargo provisionally; decision to be reviewed 2 1/2 mos. from now. Arab oil cntrys. won't hesitate to use oil weapon again if American's Mid. E. policy unsuitable to them.
REPORTER: Dean Brelis

(Studio) Saudi Arabia's oil minister Sheik Ahmed Yamani instrumental in ending embargo against United States. Newsmaker interview with Yamani follows. (Yamani in Vienna; Cronkite in New York City) Asked if all oil producers, or just Algeria, will review embargo lift decision in June. [YAMANI - says all oil producers to review decision; not likely oil embargo will be imposed again.] Questioned about possible conditions that could lead to reimposing embargo. [YAMANI - states if United States stops efforts to bring peace to Mid. E., embargo would be reimposed.] Asked about Syria's and Libya's rejection of embargo lift and its effect on united Arab policy. [YAMANI - believes all 9 cntrys. agree to lift embargo in principle. Discusses Syria's and Libya's decision to reject embargo.] Asked about oil prices. [YAMANI - says posted prices wont increase, but realized prices likely to drop; hopefully, posted prices to drop in time.] Yamani says West Germany and Italy to have Arab oil supplies restored just as United States. Netherlands to remain on embargoed list. Reaction to embargo news varies. White House refuses comment till official word of embargo's end received American Petroleum Institute warns embargo lift won't solve American's energy problems.
REPORTER: Walter Cronkite

Reporter(s):
Brelis, Dean;
Cronkite, Walter
Duration:
00:05:50

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