Iran opposes oil-price cut; OPEC meeting postponed
OPEC ministers postponed a full crisis meeting after Iran said it would oppose any cut in official oil prices. Iranian Oil Minister Muhammad Gharazi said his country would never agree to a reduction in the official OPEC price of $34 a barrel. Iran, however, continues to discount its own oil. Indonesian Energy Minister Soebroto said the full meeting of all 13 members of the oil-exporting group would take place today. While OPEC tries to avert a full-scale price war in the short term, Kuwait has decided to become a refiner as well a producer of oil. The move could have major implications.