Middle East oil is the cheapest and most plentiful in the world, but from now on international oil companies will have to pay more for it. Last week, after two years of haggling, the Organization of Petroleum Exporting Countries (OPEC) finally reached an agreement with the eight largest companies operating in the Middle East to increase royalties to host governments4¢ a bbl. more on 1964 production, rising to 6¢ by 1966. All the area's major oil countries except Iraq have ratified the agreement, from which they stand to gain more than $100...
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