Text Of OPEC Statement
Jan. 30, 1985
GENEVA, Switzerland (AP) _ Here is the text of the OPEC communique released at the end of Wednesday's three-day ministerial meeting. The statement was issued in English:
The 73rd (extraordinary) meeting of the conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Geneva, Switzerland, from 28th to 30th January, 1985.
The conference unanimously re-elected as its president H.E. Dr. Subroto, minister of mines and energy of Indonesia and head of its delegation. H.E. Belkacem Nabi, minister of Energy and Petrochemical Industries of Algeria and head of its delegation, was unanimously re-elected alternate president.
The conference again welcomed representatives of Brunei Darussalam, Malaysia and Mexico who attended the meeting as observers, whose presence once more emphasized the desire of those countries to cooperate with OPEC in strengthening the oil market and price structure.
The conference reviewed the report of the Ministerial Monitoring Committee, headed by H.E. Dr. Mana Saeed Otaiba, minister of petroleum and mineral resources of the United Arab Emirates and head of its delegation, on the market situation since the last meeting of the conference.
The conference discussed the report of the Ministerial Committee on Price Differentials, headed by H.E. Ahmed Zaki Yamani, minister of petroleum and mineral resources of Saudi Arabia and head of its delegation.
Ecuador, Indonesia, Iraq, Kuwait, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela have agreed that the maximum price differential between heavy crude oil produced in the gulf (Arabian heavy) and light crudes produced in Africa should be in the order of $2.40 per barrel and have, therefore, decided to fix the price of their own crudes in accordance with the attached table with effect from 1st February, 1985. However, Algeria, the Islamic Republic of Iran, and the Socialist Peoples Libyan Arab Jamahiriya disassociated themselves from this decision. Gabon abstained.
The conference furthermore considered the report of the Ministerial Executive Council, chaired by H.E. Ahmed Zaki Yamani, and endorsed its recommendations.
The conference expressed its sincere appreciation to the Federal Government of Switzerland and to the Republic and Canton of Geneva for their warm hospitality and the excellent arrangements made for the meeting.
Arab heavy: 26.50 dlrs.bbl
Arab medium: 27.40 dlrs.bbl
Arab light: 28.00 drls.bbl
Murban: 28.15 dlrs.bbl
Minas: 28.53 dlrs.bbl
Bonny light: 28.65 dlrs.bbl