The agreement raises posted prices of oil delivered to the Mediterranean from $2.55 to $3.45 per barrel

Libya concludes five weeks of negotiations with Western oil companies in Tripoli on behalf of itself, Saudi Arabia, Algeria, and Iraq. The agreement raises posted prices of oil delivered to the Mediterranean from $2.55 to $3.45 per barrel; provides for a 2.5 percent annual price increase plus inflation allowance; raises the tax rate from a range of 50-58 percent to 60 percent of the posted price.