(FORTUNE Magazine) – Norway said it would consider curtailing its North Sea oil production if OPEC can agree on its own production curbs. Britain, whose lead Norway has traditionally followed in oil policy, said it remains firmly opposed to any production cuts. Petro-Lewis reported a record $347-million loss for the quarter ended March 31. Falling oil prices forced the company to take a $332-million write-down on its oil and gas reserves, resulting in a negative net worth of $177 million. The Securities and Exchange Commission had briefly considered a change in accounting rules that would permit companies to evaluate reserves at estimated prices, rather than at actual, end-of-quarter market levels. Nothing came of the idea, and the oil patch was left to fend for itself.