IN BRIEF: OPEC look at crude pricing change

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The Independent Online
OPEC look at crude pricing change

Opec members will examine the possibility of an alternative crude oil pricing formula when they meet in June because of the week dollar which has hit revenues, said Amar Makhloufi, Algerian Energy Minister.

He said the 25 per cent loss in the value of the dollar over the last year and the small rise in the price of a barrel of oil meant that most producers were losing 20 per cent of potential revenue. However, Mr Makhloufi did not believe that the OPEC output ceiling of 23.58 million barrels of oil per day should be lowered in order to raise prices.