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 1. Home
 2. Archives
 3. From the Archives, January 3, 1974


FIFTY YEARS AGO | OPEC WILL TRY TO IMPORT MORE FROM INDIA
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Published - January 03, 2024 03:53 am IST


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New Delhi, Jan. 2: The 12-nation Organisation of Petroleum Exporting Countries
(OPEC) would try to diversify the trade, increasing its volume of imports from
developing countries like India, the OPEC Secretary-General, Dr. Abder Rehman
Khene, said here to-day. He said this was one of the ways of helping developing
nations, now hit hard by the sharp increase in prices of crude in the world
market. Setting up of a development bank to give long-term loans on soft terms
and bilateral trade arrangements were the other measures being considered by the
OPEC to lessen the rigours of the oil crisis on developing nations. Dr. Khene
was addressing a meeting of the Indian Council of World Affairs on “oil crisis
and its impact on developing countries.” Dr. Khene said all the OPEC
member-countries belonged to the developing world and they were interested in
protecting the interests of developing countries. He justified the recent sharp
increases in prices of oil by the producing countries as the industrialised
nations had been raising the prices of their manufactured goods arbitrarily. The
oil producing countries were prepared to reduce the prices of oil, if the
industrialised nations reduced the prices of their items of exports. Dr. Khene
said the OPEC members proposed to hold discussions with OECD (Organisation of
Economic Co-operation and Development of 21 Western countries) in Tehran in an
attempt to reach an agreement on the prices of exports from industrialised
nations.



Published - January 03, 2024 03:53 am IST

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