British oil-price review creates OPEC concern
OPEC is anxiously watching Britain's oil-pricing intentions after several oil companies suggested this week that North Sea prices should be cut on Oct. 1 by about $1 a barrel.
Well-placed industry sources, confirming that some companies had asked formally for a price review, added that government officials seemed to believe no change was needed from the $33.50 a barrel now quoted. In a world market still laden with surplus oil, the Organization of Petroleum Exporting Countries is worried that any price break by a major producer could lead to decline in oil prices. Non-OPEC Britain produces about 2 million barrels daily.