Minutes of OPEC meetings, 1970-1975, inclusive

Delegations in attendance: Topics included the report of the Economic Commission, which included the continuing discussion about the formation of a production program, a discussion of the role of national oil companies in relation to OPEC, discussion of a report on participation, and the presentation of findings of a special committee tasked with analyzing the structure of OPEC. Focus toward the end of the meeting was given on issues in Iraq regarding oil companies' production policies and royatly expensing there. Texts of speeches included those of opening addresses by Hassan Kamel of Qatar, the president for the 19th conference, and Algerian President Houari Boumediene.

The report, included as item 6 of the agenda for the 20th conference held in Algiers, was a summary of two meetings of the Economic Commission, held in Vienna in April 1970 and in Algiers, concurrent with the 20th conference, in June 1970. An analysis of consumer use in various countries was presented to inform the proposals for a joint production program for OPEC member nations.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Venezuela. The conference was divided up into five meetings, and the minutes divided accordingly. The first meeting include the election of a president for the conference, approval of the agenda and minutes, and the like, before a discussion of disparities in member states in posted crude oil prices. The second meeting consisted of a report from the Economic Commission, the third meeting was a discussion about the draft proposal for a Production Program. The fourth meeting covered issues related to participation, the national oil companies, the 1971 budget, and other administrative issues. The fifth meeting included draft resolutions from Algeria and Libya, and a closed meeting of delegation heads selected Nadim Pachachi of Abu Dhabi as the next Secretary General. The minutes include the text of opening speeches by Belaid Abdesselam of Algeria, in his role as conference president for this meeting, and Rafael Caldera, president of Venezuela.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Venezuela. Topics discussed largely focused on Resolution 120, as adopted at the previous conference, which addressed rates of taxation on oil companies relative to established prices on crude oil. Countries which had implemented this reported on their experiences, those that had not yet been successful in doing so looked at strategies for doing that. At a special session held in the Iranian Senate, the conference was addressed by Shah Mohamed Reza Pahlavi, who addressed the urgency of implementing this resolution to address price imbalances among oil-producing countries, and to rectify the drop in oil prices among some producing countries, such as the nations of the Gulf region, including Iran. Text of opening speech by Hugo Perez de Salvia of Venezuela, the president of the 21st conference, Jamshid Amouzegar, head of the Iranian delegation, and Shah Mohamed Reza Pahlavi of Iran, is included.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Venezuela. The meeting consisted chiefly of discussion of the findings of a standing committee on the proposed Joint Production Program, which having seen such a program as too complex, proposed a simpler means of reducing oil production among all members when market prices dropped beneath an acceptable level for a sustained period of time. A resolution to this effect was concluded.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics discussed included the welcoming of Nigeria as a new member, the question of participation (i.e., governments of member states acquiring ownership of existing oil concessions), amendments to the OPEC statutes, remuneration and conditions of service within OPEC, the feasibility of establishing a bank among OPEC members, and the proposal to adopt Arabic alongside English as an official language of OPEC. The Economic Commission produced the report from its 17th meeting, which discussed the effects of inflation on oil prices, the need for parity between various currencies, and the integration of the petroleum industry into the economics of OPEC member states.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. The main topic of the meeting was the issue of parity among various world currencies, and how the lack of same was impacting the purchasing power of OPEC member states' oil revenues. In addition, the working committee on the question of participation reported back with its recommendations.

Delegations in attendance: Abu Dhabi, Algeria, Iran, Iraq, Kuwait, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics discussed included parity of currencies and their impact on the purchasing power of oil revenues of OPEC members, and the budget for 1972, among other matters. Also included were the texts of speeches by Abdulrahman Al-Ateeqy, of Kuwait in his role as president of the conference; Sheikh Khalifa bin Zayed al Nahyan, as Crown Prince and Prime Minister of Abu Dhabi, and Nadim Pachachi, also of Abu Dhabi, in his role as Secretary General.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics discussed focused largely on the question of participation, and much of the meeting was given to discussing the negotiations between Saudi Arabia and ARAMCO, and the latter's perceived reluctance to allow significant Saudi acquisition of their concessions. Discussions of the ways in which member countries could assist one another in such situations led to discussion of the formation of a bank for member countries to pool together funds for assisting one another as well.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. The entirety of the meeting was taken up with discussion of a conflict between the government of Iraq and the IPC (Iraq Petroleum Company), in which the government sought to take ownership of lands originally granted in the concession to IPC, but not developed, in particular around Kirkuk. The resistance of IPC led the government then to fully nationalize the company, a move that members at this meeting supported.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Observers in attendance: Trinidad and Tobago. Topics included considering whether to admit Ecuador at the status of observer, and Trinidad and Tobago as a member; the 1972 budget, and continued discussion of the issues of participation (of member states acquiring portions of concessions from oil companies operating in their territory), the possible creation of an OPEC fund for member states in need, and a review of the report of the 19th meeting of the Economic Commission, which had discussed prices and recommended a 2% increase in production, and the adoption of a contingency plan on production programming. Also discussed was a proposal to make Arabic an official language of the meetings, and the need to pay greater attention to environmental concerns in the member states. In addition, a non-agenda item was discussed, namely a news report prior to the meeting that the Shah of Iran had stated, at a news conference in London, that Iran would not follow OPEC's lead in the issue of participation, but would take action on its own due to its unique circumstances.

Delegations in attendance: Abu Dhabi, Algeria, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics discussed centered mainly on the question of participation, with the focus being on the proposed agreement between Saudi Arabia and other Gulf states (Kuwait, Qatar, Abu Dhabi) with U.S. oil companies for their participation in concessions, and how to achieve this to avoid releasing too much oil into the market, and to allow for the building up of national oil companies. The text of a message from King Faisal ibn Abd'al Aziz, of Saudi Arabia, was also read.

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Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, Venezuela. The purpose of the meeting was to discuss the current status of negotations between OPEC and oil companies on a way to compensate for lost revenue among member states due to the devaluation of the U.S. dollar.

Delegations in attendance: Abu Dhabi, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, with Ecuador and Trinidad and Tobago attending as observers. Topics included the membership application of Ecuador and Bolivia's request to attend as an observer, reports from working groups on the topics of the energy crisis and oil pollution at sea, a report on the location of oil refineries around the world, and the administrative structure of OPEC.

The report suggests that the tax system put in place by the Tehran Agreement was out of date, due to changes in the markets for crude and refined oil since that time, and inflation.

Delegations in attendance: Abu Dhabi, Algeria, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics included discussion of conflicts between Libya and oil companies operating in its territory, consideration of Abu Dhabi's posted prices, and the report of a working group to analyze and consider for revision the Tehran, Lagos, and Tripoli Agreements.

Delegations in attendance: Abu Dhabi, Algeria, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics included discussion of basic rights of membership, consideration of applications for membership from Gabon and Trinidad and Tobago, the request of Bolivia to attend as an observer, drafts of codes and regulations to address concerns of oil pollution, review of a report on the energy crisis, and the budget for 1974.

The report describes the sources of oil pollution at sea, the prevention and abatement of oil pollution caused by tankers, cleanup operations after oil pollution at sea, and a series of draft regulations related to these matters.

Delegations in attendance: Abu Dhabi, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Libya, Kuwait, Nigeria, Qatar, Saudi Arabia, Venezuela. Topics included a discussion of the basis for a long-term OPEC pricing policy, including ways to coordinate pricing among member states in order to remove disparities between them, a look at ways to establish relationshihps between oil producing and oil consuming countries, and a review of the Secretary General's trip to New Delhi. Also, Abu Dhabi transferred its membership to the United Arab Emirates, of which it had been a member since late 1971.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela, with Trinidad and Tobago as an observer. Topics discussed included the best method to set prices on oil for the second quarter of 1974, that the Economic Commission should also, in tandem with that question, take up the related issue of how to set production levels, and a committee was tasked to meet and set up conditions for establishing an OPEC fund for use by member states.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela, with Trinidad and Tobago as observers. The main topic of discussion was the establishment of a special fund to aid OPEC member states (the OPEC Development Fund), which included a report and draft resolution prepared by a working committee.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela, and as observers, Congo (Brazzaville), Trinidad and Tobago, Bolivia, Colombia, and Peru. Topics addressed included applications for membership by Trinidad and Tobago and Congo (Brazzaville), updates on the establishment of the OPEC Fund, financial reports from 1973 and the supplemental budget for 1974, a report from the Ministerial Committee on the energy crisis, and a request for a study to examine gas prices. In addition, included the texts of speeches by General Guillermo Rodrigues Lara, the military leader of Ecuador; Shridath Ramphal, the Minister of Foreign Affairs of Guyana, speaking on behalf of Non-Aligned Nations; and Antonio Tord Gomez, Minister of Energy of Peru.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included the OPEC Fund, the formulation of posted prices, and the role of inflation impacting oil revenues, among other issues. Also included paraphrased text of a speech by Raul Prebisch, representative of the Secretary General of the United Nations Emergency Operation.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included requests of Bolivia to attend as observer and Congo to apply for status as associate member / observer; the selection of M.O. Feyide of Nigeria as the new Secretary General, and the budget for 1975.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included the report of an expert group looking at the agenda for a summit conference, pricing of oil in certain Gulf states, and the depreciation of the dollar. Tributes were also offered to Abdulrahman al Rateeqy, the former Minister of Oil for Kuwait, upon his retirement from that post and the Kuwaiti OPEC delegation.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included the financial report for 1974 and supplemental budget for 1975, relations between OPEC and other international organizations, the report of the Expert Group, report of the Economic Commission Board Meetings, cooperation among national oil companies, investment of surplus funds, the application from Gabon for full membership, and the application of Syria for membership. Also includes texts of speeches by the President of Gabon [xxx] Bongo, and by Ole Algard, permanent Norwegian representative to the United Nations and chair of the board of governors of the UN Special Fund.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included the readjustment of crude oil prices, the relative value of crude oils from different members states, the propoal of establishing unit of Special Drawing Rights (SDR) as a means to define the price of oil rather than the U.S. dollar, the potential acquisition of a new headquarters building in Vienna, and the nationalization of Venezuela's oil industry.

Delegations in attendance: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela. Topics discussed included the budget for 1976, the new headquarters building for OPEC, and the reports of the Economic Commission and Secretary General, which included coordination among national oil companies, the need for OPEC to mount a publc relations campaign, and a report on the relative value of crude oils from OPEC states, among other topics.