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OPEC Meeting / Algeria #239325

CBS Evening News for Tuesday, Mar 04, 1975
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(Studio) OPEC (Organization of Petroleum Exporting Countries) holding summit in Algiers, Algeria. Algerian President Houari Boumedienne, says industrialized countries should help underdeveloped. countries with technological advancements; suggests oil cartel, in return, might stabilize oil prices for rest of decade.
REPORTER: Walter Cronkite

(Algiers, Algeria) OPEC (Organization of Petroleum Exporting Countries) countries must work out problems with supply and demand. Oil countries oversupplied; Western countries' demand for oil has dropped. 5 oil leaders, including. Saudia Arabia's King Faisal, aren't present for meeting; empty chairs symbolize deep division within OPEC. Algeria leads hard-line faction; demands and aims outlined; moderates, led by Saudi Arabia, against all hard-line aims.
REPORTER: Bill McLaughlin

(Studio) Reduced world oil consumption has adverse effect on Israel's national shipping line; forced to sell shipping tanker.
REPORTER: Walter Cronkite

Reporter(s):
Cronkite, Walter;
McLaughlin, Bill
Duration:
00:02:20

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