The World - News from Aug. 7, 1987
The French government banned oil companies operating in France from importing Iranian crude oil in an escalation of the diplomatic crisis between Paris and Tehran. The decision announced by Industry Minister Alain Madelin affects companies like Elf and Total as well as subsidiaries of foreign companies doing business in France such as Shell and Esso. Iran, selling its oil up to $2 a barrel cheaper than the official price set by the Organization of Petroleum Exporting Countries, was the largest supplier of crude for France in June, supplying 14% of its oil.
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