New Reserves of Green

After several months of careful explorations, six of the world's leading oil-exporting countries finally struck money last week in Geneva. They reached agreement with 16 of the largest oil companies to collect about 8.5% in additional taxes and royalties on petroleum, thus making up for their loss of international buying power after the dollar was devalued. The deal covers only Persian Gulf exporters, but similar terms will probably be agreed upon for other members of the Organization of Petroleum Exporting Countries. Together, the eleven OPEC members produce 90% of the world's exported oil.

The agreement will add $700 million to the revenues collected this year by the six Persian Gulf producers, on top of a huge increase already scheduled during 1972 under the oil firms' present contract with OPEC members. Still not satisfied, the oil countries continued their relentless search for new reserves of green. In Geneva, they barely had time to celebrate their victory before they went back into negotiations to discuss their second goal--partial ownership, or "participation" in foreign companies' production facilities in their countries.

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