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To: John Paquet who wrote (222)	10/20/1999 9:36:00 AM
From: goldsnow	of 507

10/20 8:19 OPEC Could Extend Oil Production Cutbacks Until End of June, Kuwait Says By Sean Evers OPEC Could Extend Oil Cutbacks Until End of June, Kuwait Says Kuwait, Oct. 20 (Bloomberg) -- The Organization of Petroleum Exporting Countries could extend self-imposed oil output cuts until the end of June 2000, three months beyond their current expiry date, a Kuwait oil official said. Benchmark Brent crude oil has risen to $21.84 a barrel from less than $10 in December as 10 members of OPEC and four other nations agreed to cut world oil output by a total of about 7 percent for one year, starting on April 1. The producers reaffirmed their commitment at a meeting in Vienna on Sept. 22. ``OPEC could increase production in the third quarter next year after it makes sure global oil stockpiles are reasonable,' said a Kuwait oil ministry official, Kuwait's official KUNA news agency reported. Oil producers are reluctant to relieve production cuts before removing a global oil glut that caused prices to hit a 12- year low in December. The American Petroleum Institute reported earlier this month that U.S. oil supplies fell 7.14 million barrels to 298.94 million barrels, the lowest level since September 1997. -------------------------------------------------------------------------------- ¸ Copyright 1999, Bloomberg L.P. All Rights Reserved.

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