International records / Foreign Relations of the United States

278. Memorandum of Conversation

steps, possibly to $30/BBL before the next OPEC meeting. He was uncertain whether such a move would help to achieve price unity. He also indicated that Saudi Arabia might cut production by 2 MMB/D . The Secretary expressed his concern over possible Nigerian and Algerian price increases and that the current prices of these countries were not justifiable based on historical ratios. Assistant Secretary Goldman stated that the exploration fees being charged by African countries amounted to a surcharge because few companies had decided to increase exploration activities. The Minister indicated that…