Iran to Continue War-Related Discounts

Iranian Oil Minister Mohammad Gharazi, while stressing that "Iran totally accepts the base oil price set by OPEC", has indicated that his country will continue to discount oil prices to compensate for the higher insurance rates imposed on shipping calling at Kharg after the recent escalation in Iraqi air attacks in the Gulf.

At a press conference in Tehran following his return from the OPEC conference on 1 January, Mr. Gharazi...