294. Editorial Note

On March 19, the following report of a discussion with the Saudi Arabian Director of Petroleum Affairs was included in the White House Staff Notes for the President:

“Oil Price Stabilization.—State reports that the Saudi Arabian Director of Petroleum Affairs considers the Arab Petroleum Conference, to be held in Cairo in April, crucially important because it will provide oil producing states with an opportunity to agree to stabilize world crude oil prices. The Director is elated that the Cairo conference Venezuelan representative agrees that a uniform producing-country price policy is necessary, and he also believes that Iran will join in a united front on price stabilization.” (White House Staff Notes No. 516, March 16; Eisenhower Library, Whitman File, Eisenhower Diaries)

On April 17, the following account of a discussion with the Venezuelan Minister of Mines and Hydrocarbons was included in the White House Staff Notes:

“Venezuela Oil.—On learning that we might exempt Canada from oil import controls because of US-Canadian defense integration, Venezuela’s Minister of Mines Perez protested the potential discrimination and reminded us of the resentment already in his country against us for pressuring the location of the Inter-American Development Bank in Washington instead of Caracas. He obviously hopes for no US action on Canada before he returns from the Arab Oil Congress in Cairo around April 25 via Canada and Washington. The Venezuelans may urge the Arabs to follow their 60–40 profit-splitting lead, but private experts expect the Arabs to stay competitively below the Venezuelan formula.” (White House Staff Notes No. 530, April 17; ibid.)