RUSSIAN OIL
Advice On Purchase
(N.Z. Preu Ann.—Copyright) NEW YORK, May 16. Non-Communist countries were warned today against buying Russian oil. The president of the Socony Mobil Oil Company, Mr Albert Nickerson, told shareholders that the Soviet Union was offering crude oil at an average price of one dollar 80 cents a barrel. He said this was being done in a drive to win markets supplied by western oil companies. The cut rates "served their purpose of economic penetration followed by political infiltration,’ 1 he said. The Soviet Union was at present moving oil into Western Europe and the Mediterranean area at the rate of 325,000 barrels a day. Russian oil exports to the non-Communist world were expected to rise to one million barrels a day by 1970, he said. This was more than double the rate in 1960. "Dependence on Russian oil can increase with time. For this reason, the nations that are increasing their purchases of Russian oil would be well advised to consider carefully how heavily dependent they wish to be on an oil supply that may at any moment be interrupted for political motives," said Mr Nickerson.
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Press, Volume C, Issue 29517, 19 May 1961, Page 14
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191RUSSIAN OIL Press, Volume C, Issue 29517, 19 May 1961, Page 14
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