THE PRESIDENT'S DAILY BRIEF 26 JANUARY 1974

• Document Type: FOIA
• Collection: President's Daily Brief 1969-1977
• Document Number (FOIA) /ESDN (CREST): 0006007657
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 12
• Document Creation Date: August 14, 2016
• Document Release Date: August 24, 2016
• Publication Date: January 26, 1974

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The President's Daily Brief
January 26, 1974
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Exempt from general
declassification schedule of E.O. 11652
exemption category 5B(
declassified only on approval of
the Director of Central Intelligence
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THE PRESIDENT'S DAILY BRIEF
January 26, 1974
PRINCIPAL DEVELOPMENTS
The Egyptians have agreed to remove by February 20
the five recently constructed surface-to-air missile
sites on the east bank of the Canal. (Page 1)
Evidence suggests that world oil supplies are rising
faster than demand, as producers begin to increase
output while demand in consuming countries slackens.
(Page 2)
Australian Prime Minister Whitlam leaves Monday on
a 16-day trip through Southeast Asia designed to em-
phasize Canberra's new interest in regional affairs.
(Page 3)
Chinese/
/ (Page 4)
The conference of the West European communist parties
opening today in Brussels will probably be dominated
by the question of relations between the parties and
Moscow. (Page 5)
Notes on China
appear on Page 6.
FOR THE PRESIDENT ONLY
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EGYPT-ISRAEL
The Egyptians have agreed to remove by February
20 the five recently constructed surface-to-air mis-
sile sites on the east bank of the Canal. They gave
their consent just prior to the conclusion of the
disengagement implementation agreement on January 24,
according to UN sources.
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INTERNATIONAL OIL
There is increasing evidence that world oil sup-
plies are rising faster than demand. Oil production
outside the Communist countries will be about 2 mil-
lion barrels per day (b/d) more this month than De-
cember and only 3.5 percent below the level of Sep-
tember, the last month when oil operations were nor-
mal.
Some producers, both Arabs and non-Arabs, have
increased output. Saudi Arabia is producing some
400,000 13/d more than it is allowed under the Arab
producers' cutback formula, probably to meet commit-
ments to the UK, Belgium, and Japan. Production in
Iran has gone up 300,000 b/d since September, and
Iraqi production is back to pre-war levels. Kuwait
and Libya have not boosted production, however, and
Venezuela has ordered a 200,000 b/d cutback, appar-
ently for conservation reasons.
Oil demand in the consuming countries is clearly
much lower than last fall. Near-zero economic growth,
a variety of conservation measures, and consumer and
government reactions to higher prices are all factors.
Stocks of many petroleum products are at high levels
on the US East Coast and in Western Europe.
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_ _ _ . _
AUSTRALIA
Prime Minister Whitlam leaves Monday on a swing
through Southeast Asia, his first since taking office
a year ago. His 16-day visit to Malaysia, Thailand,
Laos, Burma, Singapore, and the Philippines is de-
signed to emphasize Canberra's new interest in play-
ing a leading role in regional affairs.
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CHINA - SOUTH VIETNAM
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WEST EUROPEAN COMMUNIST PARTIES
The conference of West European communist par-
ties, which opens today in Brussels, will probably
be dominated by the question of relations between
the Western parties and Moscow.
The Italian Communists hope that the conference
will lead to a coordinated strategy, independent of
the Soviets if necessary, on a broad range of West
European economic, social, and defense issues. The
Soviets are particularly concerned over, the Italians'
intention to air fully the question of Soviet policy
toward dissidents. The Italian, French, Swiss, and
Spanish parties have said they were "hostile" to
Moscow's suppression of Solzhenitsyn's works, al-
though they did not agree with the author's criticism
of the Soviet system.
One key to the outcome of the conference will
be the role adopted by the French Communist Party.
Although the French acted as a brake on the Italians
during the preparatory stage, they have moved closer
to the Italian position on European issues and ad-
vocate, for example, the development of means by
which to exert concerted pressure on the EC. This
stand and the party's qualified criticism of Moscow's
handling of Solzhenitsyn do not, however, reflect
serious disagreement with the Soviets.
Differences among the western parties them-
selves--and indirect pressure from Moscow--will prob-
ably keep the conference from producing the clear
and independent statements on European issues that
the Italians would like.
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NOTES
NOTES
China:
USSR-Somalia:
Bangladesh-USSR:
USSR:
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(continued)
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Australia: Australia has decided to delay rec-
ognition of North Korea for a few weeks, until Seoul's
new ambassador arrives in ?Canberra and has an oppor-
tunity to meet with Prime Minister Whitlam. Canberra
will make an attempt in the meantime to persuade an
East European country to recognize Seoul. Charge
Harrop was told, however, that Canberra has made a
decision to recognize Pyongyang, and will do so soon,
perhaps before Parliament reconvenes February 28.
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row.,
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Top Secret
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