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: Olaf Koch who started this subject	9/6/2000 11:03:10 AM
From: Terry D	Read Replies (1) of 95453

This from BearS - is it new? I have been out of touch (moving) t d We attended a dinner given to honor the Saudi Arabia's Crown Prince Abdullah. The Crown Prince gave a speech in which he said that he is concerned about the long-term outlook for oil demand given such high oil prices. He contrasted today's high price environment with the environment two years ago, which he characterizes as low price. He pledged that in cooperation with other producers Saudi Arabia would work to "stabilize" prices (by that we think he means bring them down). We think all of the Crown Prince's cabinet was there. We had a chance to meet with Saudi Arabia's oil minister. He confirmed to us that on Sunday at the OPEC meeting, Saudi will push for 500,00-700,000 barrel/day increase in OPEC production. If that happens, this will mark the third increase since March. If that happens, OPEC will end up putting back onto the market almost exactly the same amount they took off in '98 and '99.This strengthens our view oil prices are headed south. When the start to move down, it will not be a gently move.

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