OPEC Panel Reports Progress on Pricing

Associated Press

An OPEC committee reported progress Monday after completing two days of discussions on the divisive issue of realigning the cartel's pricing system. Fadel Chalabi, deputy secretary general of the Organization of Petroleum Exporting Countries, called the session "satisfactory,".

Nigeria's oil minister, Tam Sokari David-West, said the committee considered a Kuwaiti plan to replace OPEC's price system, currently pegged to a $29-a-barrel price for Arabian Light oil, with an average price for all of the organization's various grades of oil.

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