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 (60688)	2/21/2000 8:32:00 PM
From: Tomas	Read Replies (1) of 95453

Opec Producer Official Rules Out Oil Output Rise To Curb Prices AFX (AP) - 20-Feb A senior official of an OPEC producer in the Gulf ruled out any oil output rise from April 1, saying prices are expected to come down on their own over the next month. "Gulf countries believe prices have already peaked and that demand will now fall with the approach of summer," he told Agence France-Presse. The official, who asked not to be identified, said the Gulf states expect prices to fall to 25 usd a barrel by the end of March, when a one-year agreement between producers to cut output runs out. "If the price of the OPEC reference basket is 25 usd in March, we will not increase production," he said, adding that the target price of Gulf producers is 20-25 usd/barrel. "At present, there is no agreement to increase production," he said.

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