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.

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