How the Money Rolls In

November 1974
Time;11/18/1974, Vol. 104 Issue 21, p68
The article reports on the inflation of oil prices imposed by the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) in 1974. It notes that due to the inflation, Great Britain is running a deficit of about 10 billion dollars on trade in goods and services, Italy with 9 billion dollars, and France with 6 billion dollars. The International Monetary Fund indicates that OPEC members had piled up by September 30, 1974 more than 38 billion dollars of monetary reserves, or 19% of the world total, against 13 billion dollars, or 7% of the global total, in 1973. It states that Saudi Arabia and Iranian governments have talked of cutting the price a bit, but the most optimistic estimate of how much they might cut is 10%.


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