OPEC Resolution XXI.122

The Conference,

recalling Resolutions XVI.90 and XVIII.103;

taking into consideration that the value of the US Dollar, the currency in which the posted or tax-reference prices of petroleum are expressed, constitutes and essential element for the determination of the fiscal revenue of Member Countries;

taking into consideration that the maintenance of the real level of this revenue is of paramount importance for the successful implementation of the social and economic development programmes undertaken by Member Countries and constitutes a fundamental objective of the Organization;

taking into consideration that the purchasing power of the revenue per barrel of Member Countries has continued to deteriorate due to the continuous inflation in prices felt by the economies of industrialized countries, principal suppliers of the manufactured goods required by Member Countries;

taking into consideration that Member Countries cannot be expected to bear the consequences of decisions or circumstances which are external to them and consequently beyond their control;

resolves

1. that in case of changes in the parity of monies of major industrialized countries which would have an adverse effect on the purchasing power of Member Countries’ oil revenues, posted or tax-reference prices should be adjusted to reflect such changes,

2. to direct the Secretary General to follow up and complete the study called for previously under Resolution XVIII.103 and to prepare a comprehensive report to be submitted to the next Conference for consideration.

[…]

Done in Caracas this twelfth day of December 1970.

Head of the Delegation of Abu Dhabi: Nadim Pachachi
Head of the Delegation of Algeria: Belaid Abdesselam
Head of the Delegation of Indonesia: Elrich Sanger
Head of the Delegation of Iran: Jamshid Amouzegar
Head of the Delegation of Iraq: Sadoon Hammadi
Head of the Delegation of Kuwait: Abdul-Rahman Al-Ateeqy
Head of the Delegation of Libya: Ezzedin Mabruk
Head of the Delegation of Qatar: Hassan Kamel
Head of the Delegation of Saudi Arabia: Ahmed Zaki Yamani
Head of the Delegation of Venezuela: Hugo Pérez La Salvia

References

[1] OPEC, Official Resolutions and Press Releases 1960-1990, The Secretariat, OPEC, Vienna, 1990.

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