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: Richard D who wrote (56635)	12/10/1999 9:55:00 AM
From: Crimson Ghost	Read Replies (4) of 95453

Richard: I am taking Slider at his word re: OPEC and oil prices. He has said again and again that if OPEC relents too soon oil prices will crash to $16. I am sure many others feel the same way. But in contrast to Slider it appears that many in this country still think OPEC is a bunch of idiots. Fanaatically and anti-Arab NY Times columnist William Safire -- now posing as a "friend" of the Moslems -- has suggested that pressure be applied on OPEC to bring oil prices down so as to punish Russia for its actions in Chechnya and save civilians there. And this from a personage who has always supported the slaughter of Moslems when it serves US interests. Another issue is Y2K. How much of the current rise in crude reflects tempoary Y2K-related bidding and stockpiling? I still say the key to the OSX will be what crude does when OPEC hikes and Y2K fears abate. A gentle drop to the low 20s (my expectation) would be hugely bullish. But given the uncertainties involved and the contempt for OPEC by many in elite circles, I suspect most energy companies will not rev up capex in a big way until they are convinced prices will stay north of $20 after OPEC hikes.

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