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Oil Industry / OPEC / Prices #486647

NBC Evening News for Friday, Dec 17, 1976
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(Studio) OPEC (Organization of Petroleum Exporting Countries) members split with regard to oil price increase 11 will increase prices 10% immediately; Saudi Arabia and United Arab Emirates will increase prices only 5% and say they'll get most of business Comments of President Ford and Jimmy Carter noted.
REPORTER: John Chancellor

(Qatar) Saudi oil minister Ahmed Zaki Yamani says he doubts higher price will hurt world economy because it won't hold up on open market [YAMANI - says if others insist on 10-15% hike, their production will go down and Saudis' will go up and lower price will prevail.] Saudi purpose in lower price hike is protection of own investments abroad and gesture to United States in attempt to get continued United States arms sales and to get United States pressure on Israel for Mid. East peace agreement. Effect of break on oil cartel noted.
REPORTER: John Palmer

(Studio) Some effects of price hike noted. As more oil now imported to United States, more United States money goes to Venezuela and Mid East.
REPORTER: David Brinkley

(DC) Further possible effects of 5% hike noted.
REPORTER: Irving R. Levine

Brinkley, David;
Chancellor, John;
Levine, Irving R.;
Palmer, John

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