TITLE

THE AID PROGRAMS OF THE OPEC COUNTRIES

AUTHOR(S)
Williams, Maurice J.
PUB. DATE
January 1976
SOURCE
Foreign Affairs;Jan1976, Vol. 54 Issue 2, p308
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents facts about the aid programs of the Organization of Petroleum Exporting Countries (OPEC). Before 1974 only Saudi Arabia, Kuwait and Libya were major OPEC providers of economic assistance, and over four-fifths of their aid was in the form of budgetary grants in support of other Arab countries involved in the conflict with Israel. The aid transactions of other OPEC countries before 1974 were mainly transfers of funds among Arab states, carried out largely in the traditional diplomatic manner for diverse political and economic ends. In addition, there was small and sporadic aid to some of the African countries south of the Sahara, in recognition of African support to Arab diplomatic interests. OPEC members did not contribute appreciably to international organizations, again with the exception of Kuwait, which cooperated with the World Bank and contributed to the International Development Association. That the fourfold increase in oil prices would severely damage the economic prospects of many developing countries was apparently not anticipated by OPEC. Since non-oil developing countries are relatively small users of oil, accounting for only about ten percent of annual world consumption, OPEC countries underestimated the importance of oil to them and tended to regard forecasts of the dire effect of oil price increases as part of the publicity campaign by industrial consumers against higher prices.
ACCESSION #
4853295

 

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