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 (60683)	2/21/2000 6:36:00 PM
From: ItsAllCyclical	Read Replies (2) of 95453

Another reason why the SPR issue is dead... Mexico's Tellez warns of risks of "oil war" By KERM YERMAN Mexico's Energy Minister Luis Tellez warned in a newspaper interview on Friday of an "oil war" between producers and consumers if developed countries sold crude oil reserves to push down record high oil prices. "If developed countries release their inventories because there's a problem and others relax their production limits, then it won't be possible to return order to the market and the price will go down. We have to avoid these sorts of actions as we proceed in the next weeks," Tellez told El Universal. More in article... canoe.ca Of course this news is obvious, but Mexico publicly saying so puts yet another fork in an issue that was dead from the start. Actually, if Japan and the US sold their reserves it would be great as OPEC could maintain production cuts and ultimately the US and Japan would have restock at some point in the future. If OPEC really wants to reduce excess supply then I say let the US release the SPR.

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