King Fahd Reaffirms Support for OPEC
In an address to officers of the armed forces on 24 July, King Fahd ibn 'Abdal-'Aziz of Saudi Arabia had the following to say about oil affairs:
"We have reduced our production from 10mn b/d to 4.35mn b/d in order topreserve OPEC. Regrettably, it is a grave error for any OPEC country to sell ata price lower than the official price, but this is reported in the press. Youcan hide anything except oil. you cannot put it in...