Price freeze expected at OPEC conference

The Organization of Petroleum Exporting Countries, faced with a worldwide glut in oil supplies, is likely to agree to a price freeze at its semiannual meeting in Geneva May 25.Petroleum Intelligence Weekly said Saudi Arabia was pressing other OPEC countries to lower their prices from as high as $41 a barrel to nearer its own official price, $32 a barrel.But the authoritative oil publication said nearly every other OPEC member was opposed to price cuts.

"In the absence of price reunification, a freeze of official prices at current levels seems to be in the cards for the balance of this year, according to preconference forecasts made by several o il ministers," it said.