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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: CpsOmis who wrote (53182)10/19/1999 7:01:00 AM
From: oilbabe  Read Replies (1) of 95453
 

Venezuela's Chavez Rules Out More Output Before April Oct. 18 (Bloomberg) -- Venezuela won't consider
boosting oil production until April of next year, after an OPEC
agreement that curbed output expires, President Hugo Chavez said.

Venezuela, the fourth-largest producer in the Organization
of Petroleum Exporting Countries, won't alter its output level of
2.72 million barrels a day until after Mach 31, 2000, when an
agreement among OPEC and a handful of non-OPEC producers to cut
oil supply runs out.
``We are committed to OPEC,' said Chavez, while on tour in
Hong Kong. ``There won't be an increase in production until after
March 2000, at the earliest.'

The cuts have helped boost oil prices by almost 90 percent
this year, although speculation that OPEC members aren't in full
compliance with cutbacks led to falling oil prices last week.

Government officials have said they are betting that OPEC
will abandon at least some of its cuts after March, leading way
to South America's largest producer pumping more oil beginning in
the second quarter of the year
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