Organisation of Petroleum Exporting Countries (OPEC): oil prices

This file concerns oil prices and the Organization of the Petroleum Exporting Countries (OPEC). It contains correspondence and memoranda relating to:

• The British Secretary of State for Energy Tony Benn’s proposed visit to Saudi Arabia
• A letter from Benn to the Saudi Minister of Petroleum Ahmad Zaki Yamani. It includes reference to the question of how consumer governments can help Saudi Arabia in its efforts to prevent the price of oil rising too fast; the increase in the price of North Sea oil; and sulphur emission controls in the UK
• The oil price dispute between Saudi Arabia and Iran, and Britain’s attitude towards this dispute
• Saudi Arabia’s intention to increase oil production and the consequences for Iran, Iraq and Kuwait
• Oil production in Abu Dhabi, Iran, Saudi Arabia and Kuwait
• OPEC’s failure to reach an agreement on a unified price increase for crude oil, and the decision to establish a two-tier oil pricing system
• The implications of OPEC’s two-tier oil pricing system and Iran's attitude towards this
• Yamani’s wish for HMG to prevent oil companies from making windfall profits from cheaper crude; relax its sulphur controls; and encourage companies to destock oil
• BP’s relations with Saudi Arabia
• Reports that BP’s subsidiary company SCICON is losing millions of pounds
• France and Germany’s disapproval of the levels of North Sea oil prices
• A meeting held by the Oxford Energy Policy Club (OEPC)
• Qatar's oil production and pricing policy
• An article in the Wall Street Journal, concerning Globtik Tankers Limited’s decision to sign a letter of intent with Newport News Shipbuilding for the construction of three nuclear-powered oil tankers
• Prime Minister James Callaghan's visit to the US to discuss ways to reduce the West's dependence on imported energy
• The efforts made by Qatar to achieve a unified market price for OPEC oil.