Iran Opposes Any Seduction in Marker Price

Iran has fired the opening salvo in its campaign against any alteration of the $29/B marker crude price at the forthcoming OPEC meeting in Geneva. According to Oil Minister Mohammad Gharazi, "Iran will oppose any change in the base price of oil. We are in no way in favor of changing the $29/B base price."

Speaking to reporters in Tehran on 24 January, Mr. Gharazi said that the market had accepted the increase in heavy crude prices...