OPEC agrees on oil price, Kuwait official says

Key OPEC oil ministers made substantial progress in resolving their differences, Kuwait's oil minister, Ali Khalifa Sabah, said. Ali said that the ministers in intensive consultations had settled the important issues of how much OPEC should cut its official $34 a barrel price and what premiums should be allowed for high-quality African crude. He added that the Gulf states would compromise on the issue of premiums, which torpedoed the organization's Geneva meeting. All 13 member states were due to attend a meeting today, including Iran, which has been a maverick in the organization.