OPEC Faces Big Crisis After Saudi Walkout

The weather Inside today Increasing cloudiness today, high 38- Area news 1-B-3-B Editorial ........4-A 42. CIbudy tonight with low between 22 B usiness........10-B fam ily .. .8-A-9-A and 26. Partly cloudy Friday, high 36- Classified 13-B-14-B Gardening ...11-B 40. Chance of precipitation 20 per cent C om ics..........15-B Obituaries ... 16-A tonight and 10 per cent Friday. Dear Abby ... 15-B Sports . .4-B-7-B National weather forecast map on Page 13-B. OPEC faces big crisis f - after Saudi walkout k DOHA, Qatar (UPl) — Faced with proposed It," Amouzegar said. "It is crease its special aid fund by $1.2 a majority demand for a 15 per cent our conviction, our belief, that 15 per billion to compensate them for their increase in oil prices, Saudi Arabia’s cent is not going to damage the extra oil expenditures. Sheikh Ahmed ZakI Yamani walked economy of the United States, Ger He said that while 14 countries con out of the 13-natlon oil ministers many, Japan, and other major in sume 90 per cent of oil produced by A '. meeting today and flew home to con dustrial countries." OPEC nations, 130 countries share sult on his call for a six-month price Amouzegar said there are two or the rest, a total of about 800,000 freeie. three countries in the European Com barrels a year. He estimated a 15 per Yamni's walkout came after other mon Market that might "suffer a cent price hike on the developed lAlnisters assailed his demand for a bit”—he mentioned Britain countries’ share would cost them price freeze. There was some doubt specifically but said its difficulties about $1.2 billion. whether he would return. Iranian Oil would last only for a year, until it Earlier, Qatari Oil Minister Sheikh Minister Jamshid Amouzegar brings its own oil reserves on Al Thani said the price discussions refused to predict exactly where the stream. were centering on the 15 per cent price would go, saying, "We have to For the underdeveloped countries, figures he said was favored by a •A'?'. talk to Saudi Arabian Sheik Yamani Amouzegar said, OPEC would in majority. when he comes back." M But the oil minister of the United Arab Emirates, Mama Saeed Al- Otaiba. said he doubted Yamani Carter taps Young would return, and added that the Organization of Petroleum Exporting Countries, which is holding a summit for U. N. post meeting here, was going through the greatest crisis of its history. 'The 12 PLAINS, Ga. (UPI) - Jimmy Rep. Robert Bergland, D-Minn., to remaining ministers resumed their Carter has tabbed black Georgia be agriculture secretary. (Herald photo by Pinto) discussions after Yamani's walkout, Congressman and former civil rights Young told a synangogue men’s 6 including further talks about price activist Andrew Young as U.S. am club meeting in Atlanta Wednesday levels. bassador to the United Nations. night he had decided to accept the St, James School collects gifts for needy Yamani called for a price freeze Carter scheduled a news con U.N. job and would be in Plains today because the recovery of the world ference today and sources close to when Carter made the U.N. an Students at St. James School are going over the top with over 250 new and used toys and economy had not been as strong as the President-elect said he would an nouncement. games they have donated for children in need. Members of the student council are trying to hoped, but Amouzegar said his nounce Young’s appointment. Young, 44, a former lieutenant of get as many as they can into boxes for delivery. From left are David Wayland, Tom Day, government thinks a 15 per cent in There were reports Carter had also slain civil rights leader Martin David Roy and Christine Boudreau. The gifts will be turned over to the local chapter of the crease could be easily afforded by decided on Johnson administration Luther King Jr. and one of Carter’s the developed world. federal budget director Charles strongest supporters, would replace Vincent dePaul Society for distribution in the Manchester and Hartford area. "If my government thought 15 per Schultze to chair the president’s William Scranton as the nation’s cent would damage the economy of Council of Economic Advisers and representative to the United Nations. the West, we would not have The two-term Democratic con gressman from Atlanta was an Coast Guard ‘dewatering’ tanker executive director of the Southern Christian Leadership Conference in New York airs plan the earjy 1960s and helped the draft in attempt to avert oil spill 1964 Civil Rights act and the 1965 Voting Rights Act. NANTUCKET, Mass. (UPI) - A tion would help refloat the vessel. the engine room pumping is,” a Young recently said on returning high-capacity pump capable of 1,800 Fighting against the threat of Coast Guard spokesman said. "How to pay off its debt from an African trip that black gallons per minute churned away worsening weather conditions in the long it will take and whether they can African nations were extremely today trying to “dewater” the engine area 27 miles southeast of Nantucket keep the engine room free from pleased at Carter’s victory in the room of a Liberian oil tanker Island. Coast Guard specialists from water'still remains the issue.” NEW YORK (UPI) - The city has the loan by at least another month. grounded Wednesday on the Woods Hole were dispatched Two civilian scuba divers were To pay back the $1 billion, Beame presidential election. come up with a four-point plan to pay He earlier resisted taking a posi treacherous Nantucket Shoals off Wednesday night to prevent a major being flown to the scene aboard a off its $1 billion debt, but one of the said, the city will raise: tion in the Carter administration, Cape Cod. oil spill. Coast Guard helicopter to inspect the — $206 million through a principal creditors involved is clear telling reporters on several oc U.S. Coast Guard officials post Rain, patchy fpg and possibly snow hull of the vessel for damage. "stretchout” of the payment of prin ly not happy with it. casions he felt it would be better to poned a decision on whether to begin was forecast to close in on the area Lt. Commander Barry Chambers cipal for certain MAC bonds held by The 11-month payment plan, serve in Congress. off-loading 7.6 million gallons of No. later in the day. led a four-man Coast Guard Strike banks and city pension funds; revealed Wednesday at a crowded The U.N. post carries Cabinet 6 fuel oil aboard the 640-foot Argo "The situation will be evaluated Force unit flown up from Elizabeth — $250 million to $300 million City Hall news conference, involves a rank. Merchant to see if the pumping ac after it is determined how effective City. N.C., onto the ship late voluntary "stretchout” of some of through placement of new MAC Wednesday night. They joined eight the city’s debt, two methods of bonds in the private market to in remaining crewmembers and 10 floating more bonds, and cash from stitutional investors; damage control personnel from two the city treasury. — $250 million to $300 million nearby cutters on board. Mayor Abraham Beame said the through a new public offering of MAC Bill drafted hy Buckley pupils E About 500 gallons of oil leaked out plan is contingent on the levels of bonds; Wednesday but the Coast Guard said state and federal aid next year. But — And about $250 million in cash it did not create a serious en he added that in the event that any of from the city treasury, which is filed in state senate by Barry vironmental problem. the four elements fails to generate expected to accumulate through a enough cash, the difference can be favorable turn in its cash flow situa A bill written by a sixth grade class pre-election debate between Barry legislation immediately. They made up with more bonds from the tion. at Buckley School was filed in the and his Republican opponent in the divided into two committees — One Municipal Assistance Corp., created Beame and Felix Rohatyn, chair State Senate Wednesday by Sen. Fourth Senatorial District, David worked on a rough draft, the second by the state last year to help market man of MAC, said the city’s un David M. Barry. Cohen. worked on the final proposal. Manley wins bonds for the city. derwriters predict a “favorable" at C The bill, "An Act Concerning Bicy Both candidates were impressed Before the bill was completed, both The plan now must be submitted to mosphere for new MAC paper. cle Lanes and Trails," was drawn up with the questions asked by the sixth Barry and Cohen spoke with the class in Ja m a ic a the state Court of Appeals, which on The timetable involves a 20 per cent by the 27 members in teacher graders. At the end of the debate, about the proposed legislation. Barry Nov. 19 overturned a three-year payment in principal by Jan. 1. Michael Norman’s class. The bill Cohen suggested that the students offered suggestions on im KINGSTON. Jamaica (UPI) - moratorium on repayment of the $1 another 30 per cent by Feb. 1 and the asks for construction of bicycle lanes could draft a bill for the winning can provements that might be made to Leftist Prime Minister Michael billion debt.

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