Share this story
Close X
Switch to Desktop Site

News In Brief

U.K. joins Norway in cutting price of oil from North Sea

Britain cut the price of its North Sea oil $1.35 to $28.65 a barrel Wednesday , the British National Oil Corporation announced. Britain's move came after Norway cut charges for its North Sea oil by $1.50 to $28.50 a barrel because of a glutted market and low demand. These moves put added pressure on prices charged for oil produced by the Organization of Petroleum Exporting Countries, whose benchmark price for crude oil is $29 a barrel. OPEC leaders have already had to urge the cartel's 13 members to lower production if necessary to support prices.

About these ads

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.