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Oil Industry / OPEC / Yamani / Reaction #243795

CBS Evening News for Tuesday, Dec 14, 1976
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(Studio) Saudi Arabia oil minister Ahmed Zaki Yamani issues statement today that world economy can't stand another oil price increase OPEC (Organization of Petroleum Exporting Countries) due to start meeting Wednesday in Qatar; decisions in cartel must be unanimous and Saudi hold-out could freeze prices.
REPORTER: Walter Cronkite

(Qatar) In Qatar, statement seen as political move toward compromise and right start with Carter administration Incrs. wanted by ntns. like Iran and Nigeria with development programs and by more radical Arab ntns. like Libya, Iraq and Algeria noted. Pol. implications of Yamani's statement and Saudi position noted.
REPORTER: Bill McLaughlin

(Studio) At afternoon news conference prior to Yamani's statement, Carter asks oil producers to consider price hike again and says he's optimistic; says Kissinger and Cyrus Vance have been in contact with OPEC (Organization of Petroleum Exporting Countries) members with regard to matter. [CARTER - says he believes ntns. realize effect price hike would have on world's developing ntns. and those less fortunate than United States, like Italy, England and Mexico.] General speculation has been with regard to increase of 10% and still may happen.
REPORTER: Walter Cronkite

(DC) Report on effect on United States prices if 10% hike enacted. [Frank ZARB - notes effect on petroleum production prices in United States and on economy] Zarb says unemployment over year's time could be aggravated. Effect on airline prices, trucking industry and power plants noted, as well as on other industry ntns. like Japan, Great Britain and Italy.
REPORTER: Nelson Benton

Benton, Nelson;
Cronkite, Walter;
McLaughlin, Bill

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