OPEC to Accelerate Meeting: Iran’s oil minister...
OPEC to Accelerate Meeting: Iran’s oil minister said a key OPEC meeting will be sped up so he can return to Tehran for the funeral of Ayatollah Ruhollah Khomeini. The 13-nation Organization of Petroleum Exporting Countries was scheduled to open a formal meeting today to plan its pricing and production strategy for the rest of the year. Analysts expect OPEC to set a new elevated production output cap of 19.5 million or 20 million barrels a day, a level that would likely hold prices at current levels and do little to gasoline prices at the pump. Iran, a large crude oil producer, is a leading member of the organization.
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