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OPEC Delays Decision on Oil Price Increase
OPEC postponed a formal decision on a significant price hike, with a July Vienna experts’ meeting to set the exact increase. Iran and Algeria push to regain 35 percent revenue lost to inflation, while Saudi Arabia and Gulf states seek smaller rises. President Ford backs a lift no more than seven percent.
MENTIONED IN THIS ARTICLE
Libreville
Gabon
Organization of Petroleum Exporting Countries
Valentin Hernandez Acosta
Venezuela
OPEC
Vienna
International Monetary Fund
U.S
Hernandez Acosta
Persian Gulf
Iran
Algeria
Saudi Arabia
Washington
White House
Ron Nessen
Ford