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: Think4Yourself who wrote (64783)	4/17/2000 2:03:00 PM
From: Think4Yourself	Read Replies (1) of 95453

Saudi Sees Oil Price in OPEC Range for Rest of Year DUBAI, April 17 (Reuters) - OPEC giant Saudi Arabia believes that oil prices will stay in the OPEC price range of $22-$28 for the rest of this year and that the group would act swiftly to tackle any unexpected price moves, a Gulf source said on Monday. "The expectation is that prices will stay within the range for the rest of the year because the market is well balanced," said the source familiar with policy in Saudi Arabia, the world's biggest oil producer. Saudi Arabia believes the price would stay near $25, at the higher end of OPEC's price band. "It will be hovering around $25," said the Gulf source, who declined to be named. "In case there is an unexpected event (price shift) OPEC will take immediate, necessary action," he said. The source added that Saudi Arabia believes it would be impossible for oil prices to fall to $15. "To talk about $15 is like talking about $100 (a barrel). This is impossible," he said.

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