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: marc chatman who wrote (36251)	1/29/1999 4:08:00 PM
From: Platter	Read Replies (1) of 95453

OSX closed at 49.94, up .66......Off its low of -.63 . Good recovery, supported by oil prices though...good day for SLB and HAL, given where they were earlier in the day....We will see what Feb brings oil and OS stocks, as the March OPEC meeting approaches and New leadership in Venezuela hopefully sets a new direction for OPEC. mo: prev: / ==================================================================== also spoke out on Friday for new efforts to boost oil prices. "We are going to work energetically in the search for mechanisms within OPEC and with non-members to stop the slide in oil prices," Venezuela's energy minister-designate Ali Rodrigues said in Caracas. He told reporters he would seek agreement with other producers before the next OPEC meeting on March 23. Analysts believe OPEC must shed up to a million barrels per day (bpd) more output - in addition to the 2.6 million bpd austerity package already in place - just to push prices back up to last year's lowly average. Yet the cartel is only managing to stick to around 70 percent of its current pledges, and has shown little sign of new efforts ahead of its the March meeting. "OPEC is bleeding badly yet at the moment it seems absolutely catatonic," said Leo Drollas of London's Centre for Global Energy Studies. The grouping has to wait for the inauguration of Venezuela's president-elect Hugo Chavez on February 2 before it can work towards further measures. Saudi Arabian Oil Minister Ali al-Naimi may meet Chavez when

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