Saudi Arabian oil Minister Ahmad Zaki Yamani said there is a strong chance of oil prices being frozen until the end of 1982. He made it clear that Saudi Arabia would aim for this at a price-setting meeting of the Organization of Petroleum Exporting Countries in Geneva next week.
"I don't think we'll need to exercise any pressure to freeze the price of oil ," he said when asked if he would have to fight for a freeze.
Due to the state of the market it "went without saying" there would be no price increase in 1981. "As for 1982 I think that the possibility of a price freeze is more than 50 percent."