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: stevedhu who wrote (58535)	1/14/2000 4:47:00 PM
From: BigBull	Read Replies (2) of 95453

stevedhu, today at an OPEC ministerial meeting, OPEC made a unanimous decision to extend the cuts past March. So it's "official". ------------------------------------------------------------ quote.bloomberg.com ``Now we have suffered so much from the low price, I'm not worried about the high price' said Bijan Namdar Zanganeh oil minister for Iran, OPEC's second-biggest producer, a member of the committee. ------------------------------------------------------------ OPEC is saying that the March meeting will only be for determining how long the cuts will be extended. Does this mean that OPEC can't, won't, or is unable to increase production any time crude prices become "excessive"? No, but it pretty much puts the Kabosh on the theories that OPEC or even the Saudi's want 20 dollar oil any time too soon. I thought the Iranian Ministers comment about price levels was instructive. At any rate the OPEC news of the past few days demonstrates a sea change in BOTH the actual way OPEC conducts itself but more importantly how oil traders PERCEIVE OPECs commitment to a higher pricing scheme. A big big difference has occurred in the past few days in perception. BIG difference. Remember this rise through 28 has occurred in the face of a whole slew of bad news.

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