Not too many months ago, Iran's national production was growing at a dizzying rate of 42% a year. Shah Mohammed Reza Pahlavi seemed to leaf through Aviation Week as if it were his special Sears catalogue. In the councils of the Organization of Petroleum Exporting Countries, Iran took the lead in insisting that the world price of oil should be pushed ever higher.
But then worldwide inflation and recession cut the demand for oil. For the Iranian year that ends March 20, the country's oil revenues will be about $3 billion less than...
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