The surrender took place in September 1970. Companies agreed to increase reserved prices by 30 cents per barrel, with an increase of 2 cents per year until 1975 and, in general, from 54 to 58%. In this context, an OPEC meeting was held in Caracas in December 1970, at which a wide range of requirements were formulated, inviting oil companies to submit an acceptable offer within a provocative time frame and, failing that, to initiate swift joint action. After the scene was transferred to Tehran, negotiations took place between OPEC and a joint industrial group, which negotiated on behalf of all. In February 1971, the Tehran agreement was whipped under the constant threat of OPEC from the adoption of the legislative legislature of the common government of its demands and the cessation of production for any company that did not respect time. Basically, the price reserved for production in the Persian Gulf was increased by 35 cents (compared to 30 cents in Libya) and would then increase by about 11 cents per year until 1975. The tax rate has been increased from 50 to 55%. Governments have recognized that there will be no frog jump requirements on the basis of the next round of Mediterranean oil negotiations and that the agreement would apply until 1975. The spokespeople for the producing countries have stated publicly that the increase in public payments should not require an increase in consumer prices, given the rise in the prices of products already in force. and it was indicated that the stability of tax regimes would depend on how global prices are applied in the future. [iv] In this context, it is remarkable that the agreed escalation of prices reserved until 1975 is linked to OPEC`s complaints that the international purchasing power of its oil revenues has been undermined by the continued inflation of the prices of the industrial products they must import. Today, oil-importing developing countries face higher prices for both industrial imports and oil imports, a depressing prospect for poor developing countries compared to oil-rich „developing countries.“ Technological advances and increased oil production in Latin America, the United States and the Middle East are causing overproduction.
The forecasts of refractory shortages of the American geological survey, more than doubled in less than a decade of oil production in the United States than in 1920. Britain`s attempt to stabilize European oil prices through the 1928 Achnacarry Agreement, which limited oil producer sales, met with mixed success. In 1931, oil prices fell to just a few cents per barrel. In 1933, the U.S. government imposed a system of production quotas for states and a tax on imported oil to prevent cheap oil from flooding the market. Although the Supreme Court overturned the federal quota system in 1935, U.S. oil production states voluntarily pursued it and prices began to recover. In 1919, the U.S.
Geological Survey estimated that U.S. oil stocks would disappear in a decade, prompting the country`s first fears about oil security. Although the United States produces about one million barrels of oil per day, which accounts for 65% of the world`s oil reserves, more than 90% is consumed domesticly.