1975–78: The Erosion of Real Prices

Ian Seymour

Chapter Chapter VII in OPEC, 1980, pp 148-181 from Palgrave Macmillan

Abstract: Abstract The majority of OPEC Countries, whatever their public posture may have been, were prepared for at least some degree of inflationary erosion of the real price level decided upon in Tehran at the end of 1973. The question was: how far, how fast, and where to draw the line? After the 1974 shakedown of government take, the whole of OPEC had agreed to a price freeze until the end of September 1975. This was as far as most of OPEC was prepared to go as regards the reduction of purchasing power, but Saudi Arabia wanted to see it stretched still further.

Keywords: Saudi Arabia; Spot Market; Spot Prex; Cash Surplus; OPEC Country (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05794-8_7

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DOI: 10.1007/978-1-349-05794-8_7

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