O.P.E.C. deal hinges on Iran
NZPA-Reuter Vienna Organisation of Petroleum Exporting Countries’ Ministers will find out to-: day if 10 days of hard bargaining have produced a compromise formula to cut oil output that is acceptable to Iran, the last cartel member holding out against a deal. The Iranian Oil Minister, Gholamreza Aqazadeh, who dominated tense negotiations in Vienna before flying to Teheran on Friday, has promised to deliver his Cabinet’s decision today. If Teheran agrees, O.P.E.C. will have succeeded, against many oil market analysts’ predictions, in clinching a deal with all 13 producers for the first time in two years. Prices could rise sharply. If Teheran declines, O.P.E.C. finds itself back at square one in its ■ attempt to reimpose output discipline and stem the flood of crude oil onto already • glutted world markets. Prices would almost certainly tumble. The compromise deal before Teheran’s Cabinet, which was due to meet late last evening, has been largely accepted by Mr Aqazadeh
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Press, 28 November 1988, Page 8
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160O.P.E.C. deal hinges on Iran Press, 28 November 1988, Page 8
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