OPEC Resolution XXV.140

The Conference,

having considered the report of the Secretary General concerning the recent international monetary developments and their adverse effects on the purchasing power of the oil revenue of Member Countries;

noting that these developments have resulted in a de facto devaluation of the United States dollar, the currency in which posted prices are established, vis-a-vis the currencies of the major industrialized countries;

recalling Resolution XXI.122 which calls, inter alia, for adjustment in posted or tax-reference prices so as to offset any adverse effect resulting from de facto or de jure changes in the parity of monies of major industrialized countries;

resolves

1. that Member Countries shall take necessary action and/or shall establish negotiations, individually or in groups, with the oil companies with a view to adopting ways and means to offset any adverse effect on the per barrel real income of Member Countries resulting from the international monetary developments as of 15th August, 1971.

2. that the results of negotiations shall be submitted to the next Conference. In case such negotiations fail to achieve their purpose, the Conference shall determine such action as necessary for the implementation of this Resolution.

[…]

Done in Beirut this twenty-second day of September 1971.

Head of the Delegation of Abu Dhabi: Mana Saeed Otaiba
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 Nigeria: Russel A. Dikko
Head of the Delegation of Qatar: Ali Jaidah
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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