A Single High Price

December 1974
Time;12/23/1974, Vol. 104 Issue 26, p32
The article reports on the approval of the new one-price system by the members of the Organization of Petroleum Exporting Countries (OPEC). It mentions that the Saudi Arabian government accepts 10.12 U.S. dollars on the average barrel of Arabian light crude shipped out of the port of Ras Tanura. It notes that buyers of crude from the other 10 OPEC nations, including Iran, Kuwait and Venezuela, will pay to the governments of those nations about 38¢ per barrel, an increase of roughly 4%. It indicates that the new system features three prices including a posted price, an equity price, and a buy-back price.


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