The British last week made their first move to reopen Iranian oil negotiations, broken off last March by Mohammed Mossadegh. To the U.S., Britain sent a note outlining terms on which it was willing to resume talks. This set off a flurry of speculation in the world's oil industry, already facing prospects of a surplus. What would happen to world oil prices if Iran's annual production of some 240 million barrels, 6% of the free world's present supply, suddenly came on the market?
Despite some oilmen's fears, there did not seem to be much cause for worry. On a purely...
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