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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.98

+0.6%

Nov 21 4:00 PM EST

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To: PaulM who wrote (54927)	6/22/2000 7:27:00 PM
From: goldsnow	Read Replies (2) of 116764

``In fact output capacity today, which is about 700,000 barrels a day, is lower than we would have anticipated two or three years ago before the price collapse,'' Yergin said. The 1997-98 crash in Asian economies caused world oil demand to decline sharply -- South Korea is the world's sixth-largest oil consuming market, he said -- leading to an oversupply that producing nations were slow to react to, Yergin said. Now that oil prices are higher, OPEC was slow to recognize its supply shortage and he said producing nations were unable to boost production quickly because of investment constraints. quote.bloomberg.com

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