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July 24, 1993|From Times Staff and Wire Reports

OPEC Meeting Canceled: The oil cartel, a fractious alliance in the best of times, saw plans for an emergency meeting to address falling oil prices dashed as tensions heightened between its leading producers. Saudi Arabia complained publicly that Iran was responsible for undermining the price of crude oil. OPEC officials said the meeting, planned for this coming Wednesday in Vienna, has been indefinitely delayed. They gave no reason for the postponement but said the Saudi-Iranian clash appeared to have played a role. Some OPEC members called for the meeting after oil prices plunged to about $16 a barrel, well below OPEC's $21 target. The drop was attributed to overproduction by some members and concern that Iraq might be allowed to resume oil sales.

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