News In Brief

OPEC buoyed on oil prices by Norwegian reversal pla

OPEC efforts to prop up oil prices were boosted Thursday by indications that Norway wants to reverse its price cuts of last week by the end of the year. A Norwegian Energy Ministry spokesman said Thursday Norway hoped to bring its contract crude oil price up to $30 a barrel if the market tightens by then.

The Saudi oil minister, Sheikh Ahmad Zaki Yamani, after meeting with Nigerian officials, said Wednesday he was confident Nigeria would rescind an oil price cut that has forced OPEC to consider slashing production or lowering its prices; but other sources said this may not occur right away.