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: upanddown who wrote (56131)	12/6/1999 7:27:00 AM
From: Attackjock	Read Replies (1) of 95453

In the news this AM from OPEC OPEC May Boost Output if Prices Stay Above $25, Senior Delegate Tells MEES Nicosia, Dec. 6 (Bloomberg) -- Members of the Organization of Petroleum Exporting Countries may boost oil output before March if prices stay above $25 a barrel in New York because of lean supplies, the Middle East Economic Survey said, citing an unnamed, senior Gulf oil source. Any decision to increase production would have to be made by all the producers who are currently committed to limiting supplies, which includes both OPEC and non-OPEC countries such as Norway. ``If prices remain above $25 a barrel' in New York ``over a sustained period of time reflecting supply/demand fundamentals and not mere speculation' then ``we will reconsider production levels,' MEES quotes the official as saying. Crude oil prices have more than doubled this year after OPEC, along with Oman, Mexico, Norway and Russia, agreed to cut world oil output by about 7 percent for one year starting April 1. (MEES 12/6) This in from Bloomberg

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