IMPACT OF HIGH OIL PRICES ON THE LESS DEVELOPED COUNTRIES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001900030131-0
• Release Decision: RIPPUB
• Original Classification: U
• Document Page Count: 15
• Document Creation Date: December 19, 2016
• Document Release Date: August 18, 2005
• Sequence Number: 131
• Publication Date: October 1, 1974
• Content Type: MEMO

STAT
Approved For Release 2005/12/14 :CIA-RDP85T00875R001900030131-0
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
MEMORANDUM
Impact of High Oil Prices on the
Less Developed Countries
Higher oil prices will adversc?w.y affect the oil
importing LDCs in several different, ways, all costly to
their current living standards and future growth prospects.
o The direct impact of higher prices on their balances
of payments and ability to finance import of other goods.
Oil import costs for the importing LDCs as a group have
risen by about $9 billion during 1974. This is equal to
about one-third of their total foreign reserve holdings.
Oil imports this year will absorb about one-fourth of
total LDC export earnings. As in the case of the industrial
countries, this impact varies widely among the consuming
LDCs. Attachment 1 provides data on several of the hardest
hit countries.
o Higher oil prices have also sharply boosted the
cost of other essential LDC imports. Prices of fertilizers,
plastics, insecticides, artificial fibers and other oil
based imports have also risen sharply, adding an additional
$2 billion or so to the cost of total LDC imports. In
addition, this problem of high food prices is inseparably
bound up with that of fertilizer prices and scarcities.
Attachment 2 provides data on the rise in fertilizer costs.
o The impact of high oil prices on world industr^-t1
output and inflation is sharply worsening the non-oil terms
of trade for most LDCs. Prices of their major export
commodities have begun to fall,. while prices for their imports
from industrial countries have continued to rise. Attach-
ment 3 provides data on commodity price trends.
 Approved For Release 2005/12/14: CIA-F2bP85`-00875R001900030131-0
Attachment 1
Selected Economic Indicators
Million US $
19731
19742
GNP Growth
Total
Increase
Total
BaIui;_ce of
Trade 19731
Reserves
31 December 731
Rate 19731
!Percent)
150
350
500
960
1,300
4.0
850
1,650
2,500
-600
6,500
11.4
165
330
495
-420
370
5.0
120
210
330
-348
300
-6
0
.
175
475
650
-775
2,200
7.5
55
165
220
-1703
233
6.04
45
95
140
-703
145
504
.
20
55
75
453
f
2~0
7
.04
60
90
150
-400
160
N.A.
485
715
1,200
-245
1,300
5.0
65
305
370
30
500
5.5
200
400
600
15
1,000
8.0
300
700
1,000
-675
1,020
17.0
25
75
100
-45
85
2.5
200
400
600
-490
.1,300
5.0
Latin America
Argentina
Brazil
Central American Common
Market and Panama
Chile
Wear East
Turkey
Africa
Kenya
Tanzania
Zaire
Asia
Bangladesh
India
Pakistan
Philippines
South Korea
Sri Lanka
Thailand
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 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
Attachment 2
Pertilizer Imports by Less Developed County es
The LDCs imported about 4.6 million metric tons of
nutrients in 1972 composed of the following nutrients:
Nitrogen
2,366,000 metric
toils
Phosphorous
781,000
it
Potassium
1,487,000 "
is
TotaJ_
4,634,000
In 1972, prices averaged about $150 per ton for the
nitrogen and phosphorous and $35 per ton for the potassium,
making the total cost of these nutrients about $525 million.
Based on price trends so.;:ar this year, we estimate
1974 prices will average $600 per ton for the nitrogen
.and phosphorous and $100 per ton for the potassium.
Assuming the same quantities as for 3.972, the 1974 cost
.will be about $2 billion.
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Year
Crude
Oil
Tin
1.955
100.0
100.0
1960
95.3
107.0
1965
97.2
188.1
1970 "
106.5
183.8
1971
144.9
176.7
1972
162.6
187.3
1973-
218.2
241.6
1974
March
1,046.7
395.9
June
1,046.7
431.8
September
1,063.6
438.1
1. 11 principal suppliers.
Attachment 3
Commodity Price Trends
Copper
Zinc
Lead
Wheat
Sugar
100.0
100.0
100.0
100.0
100.0
86.2
105.3
78.9
88.1
?105.0
94.3
117.9
105.7
69.0
113.3
154.8
124.4
103.7
65.5
134.8
138.9
130.9
91)8'
69.9
142.0
136.6
143.9
101.7
81.4
151.8
159.7
166.7
107.7
158.4
171.0
331.9
601.6
211.4
232.3
325.0
293.3
520.3
171.7
169:9
450.0
173.3
333.3
158.5
193.8
533.7
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Cotton
Manufactured
Goods 1/
100.0
100.0
93.5
109.7
90.5
115.1
74.7 ?
132.3
82.4
138.7
102.1
150.5
167.0
176.3'
194.9
N.A.
172.9
187.1
145.8
N.A.
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
STATISTICAL SURVEY
`World Crude Oil Production
Recent Trends in Arab Oil Production
Arab Oil: 1 odnoi'e Capacity, September 1974
Eurapean Cargo Prices, 1974
Retail Petroleum Product Prices
Estimated Oil Imports, by. Source, 1973
.Oil Company Control of Production in OPEC
Countries, May 1974
Position of Foreign Oil Companies in OPEC
Countries' Oil Output, May 1974
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
Thousand b/d
Sep 1973
1974
(Pre-Crisis
Level)
1973
1st Qtr
2d Qtr
Jul
Aug
?17estern hemisphere
16,042
16,118
15,930
15,540
15,460
15,440
United States
9,149
9,189
9,000
8,950
8,960
8,920
Venezuela
3,387
3,364
3,230
2,970
2,940
2,860
Canada
1,745
1,798
1,860
1,750
1,680
1,680
Mexico
470
465
500
550
700
700
Ecuador
210
204
230
230
100
200
Other
1.,081
1,098
1,110
1,090
1,080
1,080
Eastern hemisphere
42,038
39,567
40,290
41,660
40,520.
39,790
Western Europe
3F9
370
360
380
400
400
Middle East
22,977
21,158
21,280
22,610
21,910
21,140
Saudi Arabia
8,574
7,607
7,820
8,860
8,790
8,200
Iran
5,793
5,861
6,130
6,140
6,060
6,060
Kuwait
3,520
3,024
.2,840
2,850
2,280
2,100
Iraq
2,167
1,964
1,800
1,700
1,700
1,700
Abu Dhabi (UAE)
1,381
1,298
1,320
1,620
1,650
1,650
Qatar
608
570
520
520
520
520
Oman
302
293
300
300
290
290
Dubai (UAE)
273
220
230
240
240
240
Other
359
321
320
380
380
380
Africa
6,132
5,902
5,660
5,670
5,140
5,200
Libya
2,286
2,187
1,890
1,820
1,400
1,400
Nigeria
2,100
2,053
2,250
2,300
2,200
2,310
Algeria
1,100
1,070
970
980
950
900
Other
646
592
550
570
590
590
Asia-Pacific
2,352
2,272
2,390
2,400
2,370
2,350
Indonesia
1,402
1,339
1,440
1,480
1,470
1,450
Other ?
950
933
950
920
900
900
Communist countries
10,188
9,865
10,600
10,600
10,700
10,700
USSR
8,663
8,420
8,900
8,900
9,000
9,000
China
1,140
1,060
1,310
1,310
1,310
1,310
Romania
275
275
280
280
280
280
Other
110
110
110
110
110
110
World total
58,080
55,685
56,220
57,200
55,980
55,230
Of which:
OPEC membersi
32,801
30,761
30,670
31,710
30,330
29,650
OAPEC members2
20,311
18,272
17,640
18,950
17,940
17,150
1. The members of the Organization of Petroleum Exporting Countries as Algeria, Ecuador, Indonesia, Iran,
Iraq. Kuwait. Libya, Nigeria. Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
2. The members of the Organization of Arab Petroleum Exporting Countries are Algeria, Bahrain, Egypt, Iraq,
Kuwait, I ibya, Qatar, Saudi Arabia, Syria, and United Arab Emirates.
W..e.~-.~::ik.w ? 'Y~_? YXd wV? al,_~.er.S,;btiJ:ti,7.Y ~ h, 4 rin ~~'L_.FVI h';%A a4L1 :?. i,..' ?,~.. .., ~:
 Approved For Release 2005/12/14: CIA-RDP85T00875R001,900030131-0
Recent Trends in Arab Oil ProductionI
Sep
Nov
Dec 1st Qtr 2d Qtr
Jul
Aug
Sep
Production (Thousand b/d)
Total
20,613
15,684
16,005
17,940
19,250
18,230
17,440
17,840
Saudi Arabia2
8,574
6,269
6,616
7,820
8,860
8,790
8,200
8,800
Kuwait2
3,520
2,582
2,556
2,840
2,850
2,280
2,100
2,100
Libya
2,286
1,766
1,769
1,890
1,820
1,400
1,400
1,500
Iraq
2,167
2,026
2,136
1,800
1,700
1,700
1,700
1,700
Abu Dhabi (UAE)
1,381
1,153
1,016
1,320
1,620
1,650
1,650
1,350
Algeria
1,100
880
860
970
980
950
900
900
Qatar
608
465
460
520
520
520
520
520
Oman
302
302
302
300
300
290
290
290
Dubai (UAE)
273
1403
1413
2303
240
240
240
240
Sharjah (UAE)4
....
....
....
30
60
60
Other5
402
996
1496
2506
360
380
380
380.
. Percent Decrease from September 1973
For all countries
....
24
22 13 7 12
15
13
1. This table illustrates the effect of the OAPEC decisions of 4 November and 25 December on Arab oil
production through September 1974; Iraq did not sign the agreements; Oman, which is not a member of
OAPEC, did not reduce production.
2. Including approximately one-half of Neutral Zone production.
3. Production reduced by offshore well fire.
4. Production bean in mid-July at 50,000-60,000 b/d.
5. Including data for Bahrain, Egypt, and Syria.
6. Production decreased in Egypt and Syria as a result of war activity.
Arab Oil: Productive Capacity, September 1974
Thousand b/d
Estimated
Productive Capacity
Underutilization
of Productive Capacity
Total
24,360 -
6,520
Saudi Arabia)
10,300
1,500
Kuwaiti
3,800
1,700
Libya
3,000
1,500
Iraq
2,500
800
Abu Dhabi (UAE)
1,900
550
Algeria
1,100
200
Qatar
700
180
Oman
300
10
Dubai (UAE)
300
60
Sharjah (UAE)
60
Other2
400
20
1. Including approximately one-half of Neutral Zone production capacity.
2. Including data for itahrain, Egypt, and Syria.
 European Cargo Pricesl
1974
F.O.B. Rotterdam F.O.B. Italy
Heavv Fuel Oil Heavy Fuel Oil
Gas Oil Gas Oil
1% 3.5% 0.5% Gasoline 1% 3.5% 0.5% Gasoline
Sulfur Sulfur Sulfur (Premium) Sulfur Sulfur Sulfur (Premium)
Jan 4 20.27 19.52 22.20 22.34 19.52 18.77 21.52 20.87
11 17.64 15.01 17.49 16.76 16.52 14.26 16.55 16.76
18 17.64 14.64 16.88 16.76 16.14 14.26 16.55 16.17
25 16.14 14.64 17.22 17.45 16.14 14.64 14.91 17.35
Feb 1 15.40 13.88 14.36 17.51 15.40 13.88 13.90 16.76
8 12.61 11.34 13.57 18.23 12.61 11.34 12.10 17.64
15 12.58 11.64 13.38 20.40 12.58 12.02 12.05 19.57
22 12.38 11.64 13.57 20.14 12.38 11.64 12.05 19.57
Mar 1 12.01 11.34 13.10 20.10 , 12.38 11.94 12.05 19.80
8 11.41 11.18 13.84 21.27 ?.12.61 12.16 12.05 21.27
15 10.58 9.76 13.31 22.45 10.88 11.26 12.31 22.45
22 10.58 9.83 13.10 23.08 10.70 9.95 12.03 22.49
29 9.91 9.16 12.73 22.45 9.91 9.38 11.38 22.05
Apr 5 9.91 9.16 11.07 22.57 10.06 9.16 10.92 22.22
12 10.48 9.61 9.79 21.15 10.21 9.12 9.47 20.87
19 10.14 9.34 11.73 20.47 9.91 9.31 10.00 19.70
26 9.68 9.38 12.10 20.22 9.46 9.30 10.09 19.26
May 3 9.98 9.84 11.59 21.2-1 9.68 9.16 10.45 19.15
10 10.28 10.06 12.91 21.15 9.91 9.61 11.98 19.56
17 10.13 9.98 12.64 20.97 9.98 9.68 11.66 19.39
24 10.44 10.28 12.05 20.09 10.13 9.53 11.32 18.91
31 10.59 10.44 12.12 19.39 9.99 9.65 11.69 18.92
Jun 7 10.59 10.11 12.12 18.51 10.14 9.69 11.33 17.92
142 10.06 9.54 11.87 17.82 9.76 9.16 11.17 17.35
212 9.95 9.46 11.74 16.82 9.76 9.16 11.17 16.17
282 9.87 935 11.80 15.52 9.76 9.16 11.30 14.99
Jul 32 9.87 9.35 11.94 15.52 9.76 9.16 11.57 14.89
122 9.72 9.35 12.54 14.75 9.68 9.16 12.07 14.16
192 9.72 9.16 12.64 14.16 9.50 9.16 11.94 13.81
262 9.76 9.01 12.40 14.40 9.39 9.01 11.87 13.81
Aug 22 9.61 8.94 12.14 13.92 9.39 9.01 11.87 13.28
92 9.63 8.99 12.23 13.67 9.40 8.92 12.10 13.02
162 9.63 8.99 12.30 13.37 9.40 8.92 12.13 12.78
232 9.98 9.31 12.29 13.48 9.42 9.05 12.10 12.74
Sep 62 10.19 9.40 12.60 13.52 9.85 9.55 12.13 12.37
132- 10.11 9.44 12.68 13.52 9.85 9.70 12.13 12.37
202 10.11 9.44 12.13 13.52 9.85 9.70 11.87 12.37
272 10.11 9.44 12.22 13.22 9.85 9.40 11.73 12.13
1. Unless otherwise indicated, midpoint of the range of the prices quoted in the Oil Buyers' Guide.
2. Midpoint of the range of the pt ices quoted in the Platt's Oilgram Price Service.
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Approved For Release 200//14w.-RIP,$Q~,7~Q~?Q.QQ.11-Q....----
 Regular Premium
Domestic
Diesel Fuel Heating Oil
Priest
Tax
Print
Tax
United States
1973-Oct 40
12
44
12
23
12
24
12
1974-Jan 46
12
50
12
32
12
33
12
Feb 49
12
53
12
34
12
34
12
Mar 53
12
56
12
35
12
34
12
Apr 54
12
58
12
3S
12
35
12
May 5S
12
59
12
36
12
36
12
Jun 56
12
59
12
36
12
36
12
Jul 56
12
59
12
37
12
37
12
Aug 55
12
59
12
38
12
38
22
France
1973 - Oct 98
72
..
.71e
76
68
44
28
6
1974 - Jan 126
70
:7
75
81
42
41
8
Feb 126
70
136
75
81
42
41
8
Mar 126
70
136
75
81
42
41
8
Apr 126
70
136
75
81
42
41
8
May 126
70
136
75
81
42
41
8
Jun 126
70
136
75
81
42
41
8
Jul 130
74
140
.79
85
46
41
8
Aug 130
74
140
.,29
88
47
41
8
Italy
1973 - ')ct 104
78
110
80
56
27
27
3
1974-Jan 112
85
118
87
67
37
28
3
Feb 146
93
154
96 ?
80
38
42
3
Mar 146
93
154
96
80
38
42
3
Apr 146
93
154
96
80
38
42
3
May 146
93
154
96
80
38
42
3
Jun 146
93
154
96
80
38
42
3
Jul 170
116
178
120
80
38
42
3
Aug 170
116
178
120
80
38
42
3
West Germany
1973 - (X t 101
73
112
74
102
69
25
1
1974-Jan 124
75
134
76
126
71
46
1
Feb 124
75
134
76
126
71
46
1
Mar 124
75
134
76
126
71
46
1
Apr 124
75
134
76
126
71
46
1
May 124
75
134
76
126
71
46
Jun 124
75
133
76
126
71
46
Jul 124
75
134
76
126
71
46
Aug 124
75
134
76
126
71
'46
1
United Kingdom
1973- Oct 69
44
72
44
69
44
19
2
1974-Jan 75
44
78
44
75
44
23
2
Feb 93
44
97
44
94
44
38
2
Mar 93
44
97
44
94
44
38
2
Apr 103
53
107
53
106
53
38
2
May 103
53
107
53
106
53
38
2
Jun 103
53
107
53
106
53
38
2
Jul 103
53
107
53
106
53
38
2
Aug 103
53
107
53
106
53
38
2
Japan
1973 - Mt
87
38
101
33
54
20
19
1974-Jan
114
38
123
33
N.A.
20
N.A.
Feb
114
38
123
38
N.A.
20
N.A.
Mar
114
33
128
3S
70
20
32
Apr
13.1
46
14S
46
74
20
39
....
May
134
46
143
46
74
20
39
....
Jun
134
46
143
46
74
20
39
....
Jul
134
46
143
46
74
20
39
....
Aug
127
46
141
46
74
20
39
...?
1. Including t.%.
2. Eatinuted
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 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
EstEmated Oil Imports, by Sourcet
1973
United States
Japan
Canada
Western Europe
United Kingdom
West Germany
Italy
France
Netherlands2
Belgium-Lax-
and Saudi Abu Al-
Non-Arab Total Arabia Kuwait Libya Iraq Dhabi gcria Other
TOW
Arab
6,200 1,590 590 160 350 50 160 140 140
100.0 25.6 9.5 2.6 5.6 0.8 2.6 2.3 2.3
5,400 2,390 1.240 540 20 Ncgl. 430 .... 160
100.0 44.3 23.0 10.0 0.4 Negi. 8.0 .... 3.0
1,000 220 80 Negl. 40 20 60 .... 20
100.0 22.0 8.0 Ncgl. 4.0 2.0 6.0 .... 2.0
15,200 10,600 4,000 1,700 1,590 1,160 600 780 770
100.0 69.7 26.3 11.2 10.5 7.6 3.9 5.1 5.1
2,330 1,480 550 400 240 60 50 50 130
100.0 63.5 23.6 17.2 10.3 2.6 2.1 2.1 5.6
2,2250 1,610 480 90 550 30 119 280 ? 70
100.0 71.6 21.3 4.0 24.4 1.3 4.9 12.4 3.1
2,440 1,930 630 200 460 430 _.. .... 210
100.0 79.1 25.8 8.2 18.9 17.6 .... .... 8.6
2,780 2,070 620 320 130 380 290 230 100
100.0 74.5 22.3 11.5 4.7 13.7 10.4 8.3 3.6
2,090 1.340 690 380- 60 10 80 20 100
100.0 64.1 33.0 181% 2.9 0.5 3.8 1.0 4.8
embourg 720 550 290
% 100.0 76.4 40.3
Spain 1,000 820 470
% 100.0 82.0 47.0
Other 1,590 800 270
% 100.0 50.3 17.0
120 30 30 10 50 20
16.7 4.2 4.2 1.4 6.9 2.8
90 40 50 .... 110 60
9.0 4.0 S.0 11.0 6.0
100 80 170 60 40 80
6.3 5.0 10.7 3.8 2.5 5.0
91r 36.5 19.7 3.4 Negl. 7.7 5.6
West Germany 640 270 40 Negl. ... 200 130
glr 28.4 12.0 1.8 Negl. .... 8.9 5.8
Italy 510 330 20 10 ISO
% 20.9 13.5 0.8 0.4 6.1
France 710 220 40 250 200
% 25.5 7.9 1.4 ._. .... 9.0 7.2
Netherlands2 750 440 50 220 40
% 35.9 21.1 2.4 .... 10.5 1.9
Belgium-
Lux-embourg 170 100 20 _.. .... 30 20
% 23.6 13.9 2.8 4.2 2.8
Spain 180 120 40 .... _.. 10 10
% 18.0 12.0 4.0 ... .... 1.0 1.0
Other 790 210 30 .?. __ 230 320
% 49.7 13.2 1.9 _., .. 14.5 20.1
30.3 14.1 2.1 Negl. .... 7.4 6. f?
United Kingdom 850 460 80 Negl. .... 180 130
Vene- Indo-
TOW Iran zuela nesia Canada Nigeria Other
United States 4,610 420 1,840 250 1,100. 550 450
% 74.4 6.8 29.7 4.0 17.7 8.9 7.3
Japan 1,010 1,730 10 840 .... 100 330
% 55.7 32.0 0.2 15.6 .... 1.9 6.1
Canada 780 180 470 Negi. .... 80 50
gl, 78.0 18.0 47.0 Ncgl. 8.0 5.0
Western Europe 4,600 2,150 320 Ncgi. .... 1,130 1,000
1. th his table alhvatcs mipons on a direct and indict baus-i.c.. rdincd products from export relinetra are true) to the source
of the nude oil
2, Eadudint oil uansddppcd to other West European counliter.
proved For , Q
1Q 85100875R001900030131-0
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
Oil Company Control of Production
in OPEC Countries, May 1974
The accompanying table shows the amount of OPEC oil controlled by 13 foreign oil
companies or operating groups accounting for nearly 9070 of the OPEC countries' output. The
following tabulation is a summary of the table.
Company
Production
Foreign companies or groups producing
at least 150,000 b/d
27,601
Major international companies
24,487
British Petroleum
4,998
Exxon
4,806
Texaco
3,721
Standard Oil of California
3,`556
Royal Dutch/Shell
3,045
Gulf
2,530
Mobil
1,831
Occidental
380
Continental
308
Marathon
233
French companies
1,424
Italian companies
289
Japanese companies
480
National oil companies and small
foreign firms
4,289
Total
31,890
Minimum Amount
Controlled l
17,464
15,169
3,689
3,04..
1,822
1,685
2,315
1,530
1,083
186
169
114
1,213
173
440
1. This column shows the amount the companies control directly through equity ownership. This amount would
be reduced further if producing governments exercised their option to take royalties (in most cases, 12::7c of a
company's equity oil) in kind rather than in cash. In practice, the companies can be expected to market larger
amounts than shown here because the governments probably will continue to sell a large share of state-owned oil
back to the companies.
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
Approver For Rer~as~ 2005~Y214 :~q~RBP85TU8875F~AA~90403Qa31-a
Position of Foreign Oil Companies in OPEC Countries' OR Output
May 1974
Minimum Amount
Production Controlledt
Foreign companies or groups producing
at least 150,000 b/d
27,601
.17,464
Major International companies
24,487
15,169
Abu Dhabi (UAE)
980
740
Ecuador
220
164
Indonesia
11080
430
Iran
5,080
5,080
Iraq
305
305
Kuwait
2,570
1,028
libya
423
207
Nigeria
2,034
913
Qatar
460
182
Saudi Arabia
8,700
3,485
Venezuela
2,635
2,635
British Petroleum
4,998
3,689
Abu Dhabi (UAE)
460
345
_
Iran
2,280
2,280
Iraq
210
210
Kuwait
1.285
514
Nigeria
708
318
Qatar
SS
22
Exxon
4,806
3,045
Abu Dhabi (UAE)
130
100
Indonesia
3S
15
Iran
400
400
libya
.256
125
Qatar
25
10
Saudi Arabia
2,610
1,045
Venezuela
1,350
1,350
Texaco
3,721
1,822
Ecuador
'110
82
Indonesia
SOS
200
Iran
400
400
Nigeria
I
Negl.
Saudi Arabia
2,610
1,045
Venezuela
95
9S
Standard Oil of California
3,556
1,685
Indonesia
SOS
200
Iran
400
400
Nigeria
. 1 .
Negl.
Saudi Arabia
2,610
1,045
Venezuela
40
40
Royal Dutch/Shell
3,045
2,315
Abu Dhabi (UAE)
260
195
Iran
800
800
Iraq
95
95
11bya
117
57
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
Position of Foreign Oil Companies in OPEC Countries' Oil Output
May 1974
(Continued)
Thousand b/d
Company/Country
Production
Minimum Amount
Controlled)
Nigeria
708
318
Qatar
355
140
Venezuela
710
710
Gulf
2,530
1.530
Ecuador
110
82
Iran
400
400
Kuwait
1,285
514
Nigeria
365
164
Venezuela
370
370
Mobil
1,831
1.083
Abu Dhabi (UAE)
130
100
Indonesia
35
15
Iran
400
400
Libya
50
25
Nigeria
251
113
Qatar
25
10
Saudi Arabia
eb
870
.350
Venezuela
70
70
Occidental
i
380
186
L
bya
380
186
Continental
308
169
Dubai (UAE)
75
55
Libya
233
114
Marathon
233
114
Libya
233
114
French companies (CFP, ERAP,
Aquatainc)
1,424
1,213
Abu Dhabi (UAE)
440
330
Algeria
b
i
U
225
22S
ub
a
AE)
(
60
45
340
340
Iraq
210
210
Libya
10
5
Nigeria
84
38
Qatar
SS
20
Italian companies (ENI)
289
173
Iran
70
70
Libya
145
70
Nigeria
74
33
Japanese companies
480
440
Abu Dhabi (UAE)
160
120
Kuwait
160
160
Saudi Arabia
1t0
160
Total OPEC production
31,990
1. Thin column shows the amount the companies control directly through equity ownership. This amount would
be reduced further if producing governments exercised their option to take royalties (in most cases, 1254% of a
company's equity oil) in kind rather than in cash. In practice, the companies can be expected to market larger
amounts than shown here because the governments probably will continue to sell a large share of state-owned oil
back to the companies. (Unclassified)
Approved For Release 005Pf21T4T 1A--RDP85`TUr08.7'55ROO1900030131-0
 Approved For Release 2005/12/14: CIA-RDP85T00875R001900030131-0
16 October 1974
MEMORANDUM FOR THE RECORD
SUBJECT: Impact of High Oil Prices on the Less Developed
Countries
The following was provided at the request of the
Honorable Henry Jackson, US Senate through
the Agency's Deputy Legislative Counsel. The memorandum
was prepared by members of this branch with support from
Office of Economic Research
Attachment:
As stated
Distribution: (S-6526)
Approved For Relepse 2005/12/14?: CIA-RDP85?T00$75R001900030131-0-
Y1 1