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: ItsAllCyclical who wrote (54963)	11/18/1999 6:40:00 AM
From: oilbabe	Read Replies (1) of 95453

OPEC promises to keep a firm grip on output OPEC nations Venezuela and Saudi Arabia, along with non-OPEC oil producer Mexico said today in Riyadh that they would meet again in February to review what was happening in the oil market and consolidate their cooperation. Energy and Mines Minister Al¡ Rodr¡guez, Saudi Oil Minister Ali al-Naimi and Mexico?s Luis T‚llez all agreed to keep a firm grip on output that has seen prices soar to over $25 per barrel. Earlier today, December New York Mercantile Exchange crude futures on ACCESS rose 40 cents to $26.10 ? the highest since the middle of January 1997. Later, at 1713 GMT, they had risen a further 40 cents to climb 82 cents up overall at $26.52. Meanwhile IPE Brent crude oil futures for January were at a 9-year high of $25.07 per barrel ? the highest since the Gulf War fought in 1991. All three oil ministers in Riyadh also confirmed the need for producers to stick with production quotas until at least March when the current restrictions are due to end. The three men will again meet in February ? one month before the heads of state and oil ministers summit is due to be held in Caracas ? to recommend production policy. T‚llez said that any change in policy would not go into effect before April 1, 2000. Rodr¡guez said that the Caracas summit is definitely going ahead but the date could be revised slightly if necessary to ensure total participation. All heads of state and oil ministers from the OPEC nations have been invited as well as other major oil producers in what will be the biggest meeting in the cartel?s 40-year history. Following the Riyadh talks, Rodr¡guez will visit Qatar, Kuwait, Iran and Iraq. After that, it was announced today in Caracas, he will travel to Madrid for two days of talks on Nov.24 and 25 to strengthen energy ties with Spain.

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