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: Tomas who wrote (50335)	9/2/1999 9:29:00 PM
From: diana g	Read Replies (5) of 95453

irt: Sustaining cuts past 4/00 <<<"The success of OPEC's production cuts in raising crude oil prices could embolden members to sustain those cuts even after they're supposed to expire April 1"--Mordechai Abir, >>> Hi Tomas! I can't swallow this. I can believe that the OPEC(et al) producers will let the price rise in order to bring down global inventories before adjusting production to home in on that $18-20brent goal. ---But to continue cuts past April 1, assuming this is done in the face of high oil prices (above the $18-20b goal), would inspire increased e&p spending/production by other producers-- cutting into market share. Higher prices would also encourage the development of other competing energy sources. The price range chosen as ideal was not picked out of the air. This fellow Abir seems from this quote to be considered an authority on Saudi culture. I don't know why that qualifies him as an expert on the oil market. His opinion (my interpretation admittedly based on this one small quote) seems half-baked and unsupported by anything but his 'strong feeling'. --------------------------------- <<<<Off Topic>>>>>> btw, Tomas, I think you are one of the uncelebrated treasures of this thread. Your posts are not to be missed, altho as far as I know you have never recommended a micro-minny e&p company. <G> regards, and thanks, diana

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