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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: BigBull who wrote (56712)12/11/1999 7:10:00 AM
From: BigBull  Read Replies (2) of 95453
 
Venezuela compliance at near 100%:

vzlanet.com

Energy and Mines Minister Al¡ Rodr¡guez says that Venezuela is complying to a degree of 98.7 percent with regard to production cuts introduced by OPEC last April 1 in a bid to boost oil prices.

Rodr¡guez also added that the average compliance among producers is around the 85 percent mark, insisting that although market stability has not yet been achieved, the cartel is certainly heading in that direction.

A Reuters poll in October showed that Venezuela led producers in the OPEC table with 94 percent compliance ? producing some 650,000 barrels per day less than average production figures prior to April 1.

OPEC members and non-cartel allies like Mexico have cut production by 5.1 million barrels per day ? equivalent to seven percent of world demand in a move that has seen oil prices more than double since the start of the year.

Rodr¡guez will be in Mexico next week for a natural gas conference being held in Canc£n during which he will take the opportunity of conversing with his Mexican counterpart Luis T‚llez.

Mexico, Saudi Arabia and Venezuela have spearheaded the move that has seen OPEC recover a somewhat tarnished image of being a cartel used to an "anything goes" attitude regarding production output.

The compliance shown by the organization has surprised analysts and the world?s major industrialized countries, leading to oil prices not seen since the time of the Gulf war nine years ago.(Dec.6)

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Also very interesting reads on Venezuelas' plans futher out.
Scroll down one article to the next three:

vzlanet.com
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