SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Games Trader
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: John Paquet who wrote (1053)7/23/1999 4:00:00 PM
From: goldsnow   of 1239
 
FOCUS-Oil up as Venezuela
reassures on OPEC policy
05:31 a.m. Jul 23, 1999 Eastern

LONDON, July 23 (Reuters) - Oil
prices moved higher again on Friday
following fresh reassurances by
OPEC exporter Venezuela that it
sees no need for an early review of
cartel supply curbs.

London September Brent futures
were up 16 cents in early business at
$19.01 a barrel after rising 24 cents
on Thursday. U.S. light crude traded
in Europe rose 13 cents to $20.07 a
barrel.

Venezuelan Oil Minister Ali
Rodriguez told a business gathering
in Caracas on Thursday that
stockpiles of oil worldwide had not
fallen enough to warrant any increase
in supply.

He said production limits that were
implemented by the Organisation of
Petroleum Exporting Countries
(OPEC) earlier this year would be
respected by Venezuela.

The supply restrictions are due to last
a year until April 1, 2000.

Rodriguez's comments echoed those
made by Venezuelan President Hugo
Chavez who said earlier this week
that he saw nothing to indicate the
need for a change in OPEC policy.

A severe bout of profit-taking had
driven prices down to $18.10 on
Wednesday from a recent 20-month
high of $19.43 after hints from a
senior Venezuelan oil official that
Caracas might want to raise oil
production later this year.

Roberto Mandini, president of
Venezuelan state oil company, had
told congress that oil prices in the
United States should not be allowed
to rise above $22 -- equivalent to
about $20.50 for Brent.

Restricting large price gains on
Friday were continued low profit
returns for refiners from petroleum
product prices.

European refining margins remain
below break-even levels after one of
the worst run for refiners on record
during the second quarter of the
year.

While crude oil prices have leapt
since February from less than $10 a
barrel, petroleum product stockpiles
have kept a cap on the price of
heating oil, diesel and gasoline.

Copyright 1999 Reuters Limited
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News