OPEC AND OIL PRICES

Iran Backs $19/B by Year End; Prepares New Formula for Quota Distribution

Iranian Oil Minister Gholamreza Aghazadeh has endorsed a target price of $19/B to be achieved by OPEC by the end of the year. Speaking in Bahrain on 28 September after talks in Saudi Arabia with the Saudi Oil Minister, Shaikh Ahmad Zaki Yamani, which he described as "brotherly and friendly," Mr. Aghazadeh said "I am looking for implementation of the agreement which was reached to...