Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: hdrjr who wrote (58365)	1/12/2000 4:55:00 PM
From: enervestor	of 95453

NEW YORK, Jan 12 (Reuters) - Deutsche Banc Alex.Brown analyst Michael Young on Wednesday raised his 2000 price forecast for oil benchmark West Texas Intermediate by $1.50 to $21 a barrel, and increased earnings estimates for integrated oil companies. -- Said in a research report that the oil price change reflects the continued improvement in oil market fundamentals brought about by supply cuts from the Organization of Petroleum Exporting Countries (OPEC). -- Projects OPEC will continue to under-supply world oil demand requirements by up to 1.5 million barrels a day in the first half of the year, draining global crude inventories. -- Said that while oil prices remain below $28 a barrel, there is a ``greater likelihood that OPEC will extend its voluntary production cutbacks beyond March.' -- Said that investors have ``substantially underestimated' the earnings power of oil companies in a low $20 price environment. -- Raised 2000 earnings per share estimates for a number of integrated oil companies as result of strong oil prices and the potential for better refining and marketing as well as chemical returns.

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