Norway and Britain Sign Treaty to Develop Oil Fields

Norway and Britain signed a treaty in Oslo yesterday to develop oil fields that straddle their North Sea boundary in hopes of eventually boosting supplies to help meet world thirst for oil.

Demand has pushed oil prices to record levels, prompting Norwegian Oil Minister Thorhild Widvey to say she now worries that the cost could be harmful to the world economy. “We are concerned that prices go too high,” Widvey said at the treaty signing. “I hope the price will go down a little.”