Venezuelan Proposals for New Price Mechanism

During the informal pre-conference consultations in Geneva this week, the Venezuelan Oil Minister, Dr. Arturo Hernandez Grisanti, has been sounding out other OPEC Ministers on Venezuela's ideas regarding the adoption of a new more flexible OPEC pricing mechanism to replace the now outmoded system of rigid official prices.

In essence, the Venezuelan idea - which is being presented as a basis for discussion and debate rather than a formal...