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- W568877897 abstract "THE GENERAL ATTITUDES OF OIL PRODUCING COUNTRIES ARE DISCUSSED. BACKGROUND INFORMATION IS PRESENTED WHICH WILL HELP IN THE BETTER UNDERSTANDING OF THE ASPIRATIONS OF THOSE COUNTRIES PLANNING COMPLETE NATIONALIZATION. IN EXPLAINING WHY THE OIL STATES DEMAND HIGHER CRUDE OIL PRICES, THE HISTORY OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) IS OUTLINED. THE BELIEF OF THESE COUNTRIES IN ECONOMIC AUTONOMY, FOSTERED ECONOMIC NATIONALISM. COMPLAINTS LED TO THE UNITED NATIONS' ESTABLISHMENT OF THE COMMISSION ON PERMANENT SOVEREIGNTY OVER NATURAL RESOURCES. THE 11-MEMBER OPEC WAS ORIGINALLY FORMED AS A DEFENSE MECHANISM TO CHECK AN OFFENSE BY THE INTERNATIONAL OIL MAJORS FOR CRUDE OIL PRICE CUTS. THE BACKGROUND TO POLITICS IN LIBYA, WHICH IN RECENT YEARS HAS ASSUMED A LEADER'S ROLE WITHIN THE ORGANIZATION IS DISCUSSED. LIBYA AND THE OTHER OIL STATES DESIRE TO EMPHASIZE OIL PRODUCTION AND THE DEVELOPMENT OF OIL-RELATED INDUSTRIES AND TO USE OIL DERIVED REVENUE TO MODERNIZE OTHER DOMESTIC REVENUES. SAUDI ARBIA, IRAN AND KUWAIT, WHOSE ECONOMIC STRUCTURES ARE BASED ON CAPITALISM RATHER THAN SOCIALISM, EMPHASIZE COOPERATION WITH THE INTERNATIONAL OIL COMPANIES. THESE COUNTRIES TOGETHER WITH ABU DHABI AND OTHER PERSIAN GULF STATES TOOK PART IN THE RIYADH AGREEMENT (1973) WHICH PROVIDES FOR RAISING THE OIL-PRODUCING COUNTRIES, EQUITY INTEREST IN PRODUCTION FACILITIES TO 51 PERCENT IN 10 YEARS. THE GENERAL OBSERVATION IS MADE THAT THE REPUBLICAN STATES FAVOR COMPLETE NATIONALIZATION WHILE THE MONARCHIES PREFER CO-EXISTENCE WITH THE OIL COMPANIES AND OIL-CONSUMING NATIONS. FOREIGN EXCHANGE CREDITS EARNED BY THE OIL STATES IN DISCUSSED AND AN UNPUBLICIZED MEETING IN BAGHDAD (IRAQ) WHICH LEAD TO LIBYA'S 24-HOUR OIL SUSPENSION IS REPORTED. RELATIONS AMONG MIDEAST COUNTRIES IS DESCRIBED IN OUTLINE. MOVES TOWARD ESTABLISHMENT OF AN ISLAMIC DEVELOPMENT BANK WHICH COULD BRING TOGETHER THE MIDEAST NATIONS ARE REVIEWED." @default.
- W568877897 created "2016-06-24" @default.
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- W568877897 date "1973-06-01" @default.
- W568877897 modified "2023-09-27" @default.
- W568877897 title "OIL PROBLEMS: A JAPANESE VIEW" @default.
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