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Strategies & Market Trends : ahhaha's ahs

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To: Keith Monahan who wrote (3525)	11/15/2001 10:55:55 AM
From: Keith Monahan	of 24758

DJ Kuwait Oil Min -3: Prices Could Fall Much Further Russia has since reaffirmed its position that it won't make further cuts even after OPEC's decision Wednesday. Oman, Mexico and Norway have either pledged specific cuts or shown an interest in cutting if Russia can be persuaded to make a larger cut of around 300,000 b/d. Al-Sabeeh said world oil prices, which have tumbled due to the stalemate, may fall much further. "There are very hard times to come in the form of very low prices," he said, adding that he "wouldn't be surprised" to see oil fall to $10/bbl. Prices last dipped briefly to around that level in 1999. He said there was "no floor" for oil prices which would trigger a unilateral cut by OPEC. "We have to sit tight...because we are determined not to cut otherwise." He said he had suggested that OPEC lower its target price for its basket of seven crude oils to $20-$25/bbl from the current $22-$28/bbl range. However, he said the issue didn't receive much discussion because of pressing matters on output. He repeated that Kuwait would be "satisfied but not happy (with oil prices) at the lower end of the (current) band." (MORE) DOW JONES NEWS 11-15-01 10:49 AM

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