UN General Assembly
1974

211. Although the Arab countries were not the ones which initiated the rise in oil prices, we, as OPEC members, are bound by the decisions of our organization. In any event, the way to deal with the problem is not by threats and counter-threats, not by hostility and confrontation, but through understanding. It is not logical to deal with the price of oil in isolation from the prices of manufactured goods and other commodities. In other words, the problem of oil prices should be considered within the general framework of the world economic situation. We have already taken steps in this direction by instituting co-operation, based on mutual friendship and respect, with Western Europe. This example is worthy of emulation, because the interdependence of the world economy leaves us no alternative but that of co-operation and mutual accommodation. This fully conforms to the attitude of the Arab nation, of which my country is an integral part.