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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: CpsOmis who wrote (53132)10/18/1999 7:46:00 AM
From: oilbabe  Read Replies (1) of 95453
 

OPEC President Warns Members to Comply With Output Cuts or Risk Price Drop

Nicosia, Oct. 18 (Bloomberg) -- Qatar's oil minister,
Abdullah bin Hamad al-Attiyah, who is also the current president
of the Organization of Petroleum Exporting Countries, has sent a
letter to his OPEC colleagues warning them that oil prices could
fall if compliance with self-imposed output cuts declines, the
Middle East Economic Survey reported. Al-Attiyah's letter, sent
after oil prices fell by about 7 percent on Oct. 8 on reports
that OPEC pumped more oil in September than the month earlier,
said that media reports about declining compliance with output
cuts, while exaggerated, could not be dismissed outright. The
OPEC president said that a doubling of Brent crude oil prices
this year to $22.50 a barrel was ``more superficial than real,'
as the average oil price in 1999 is still only about $3 a barrel
more than in 1998, the report said.

According to a Bloomberg survey, OPEC made 92 percent of
its promise to cut 4.3 million barrels of oil per day in
September, down from a revised 94 percent in August.
(MEES 10/18)
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