OPEC MINISTERS WARN THAT PROPOSED SWITCH IN NORTH SEA OIL PRICING COULD LEAD TO PRICE WAR

Several OPEC Ministers - from Saudi Arabia, Kuwait, Venezuela, Indonesia and Qatar - have issued statements deploring the reported intention of the UK and Norway to switch their North Sea oil pricing to a system based on spot market prices. Shaikh Ahmad Zaki Yamani of Saudi Arabias Shaikh 'Ali Khalifah of Kuwait and Dr. Hernandez Grisanti of Venezuela all stated bluntly that such a move could set...