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Oil Industry / OPEC / Prices #243860

CBS Evening News for Friday, Dec 17, 1976
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(Studio) Possibility of oil producers' price war clouds price increase issue.
REPORTER: Walter Cronkite

(Qatar) Report on division of OPEC (Organization of Petroleum Exporting Countries) over price increase Saudi Arabia and United Arab Emirates decide to go alone with increase of only 5%. Saudis say their immense oil reserves and possible boosting of production will bring major of OPEC (Organization of Petroleum Exporting Countries) to lower price increase [Saudi oil minister Ahmed Zaki YAMANI - says he thinks others will reduce their prices and come down to Saudi price.] Yamani makes clear United States expected to help in Mid. East peace efforts in return for Saudi position. Effect of decision on United States and on OPEC (Organization of Petroleum Exporting Countries) noted.
REPORTER: Bill McLaughlin

(Studio) Comments of President Ford and Jimmy Carter on decision noted. At State Department, reporter Marvin Kalb says objective Saudis want is believed to be United States pressure on Israel to make major concessions necessary to Mid. East peace. Govt. sources say consumers will probably get effect of incrd. prices by end of March or early April.
REPORTER: Walter Cronkite

(DC) Federal Energy Administration estimates of effects based on 5% of United States oil imports, other OPEC mbrs., like Iran, Nigeria and Venezuela, supply 54%; rest from non-OPEC mbrs., like Canada and Mexico.
REPORTER: Nelson Benton

Benton, Nelson;
Cronkite, Walter;
McLaughlin, Bill

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