OPEC AND OIL PRICES

No Chance of Tax Reference Pricing for UK North Sea Oil 

Contrary to hopes nurtured in some OPEC quarters (MEES, 25 March), there now seems to be virtually no chance whatever that, in the post-BNOC era, the UK Government will take steps to adopt any administered system of tax reference pricing for oil sales which might be different from actual spot prices realized in the market. UK oil legislation has always provided for taxation on the basis of realized market...