Heavy '82 trade deficit seen for OPEC members
Manama, Bahrain — The balance of payments of OPEC countries plunged into a deficit of possibly the world oil glut, the president of the Arab world's biggest international bank said.
The glut was caused in part by bitter differences among the 13 OPEC cartel members. But an accord between Nigeria and Saudi Arabia could help resolve the split, Petroleum Information International newsletter reported. Nigeria has apparently agreed to charge $33 a barrel for OPEC's best oil if Saudi Arabia lowers the cartel's base price by $4, to $30 a barrel.