Oil & Gas Price Economics Message Board

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Gold/Mining/Energy : Oil & Gas Price Economics

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To: kormac who wrote (222)	7/5/2000 7:49:10 AM
From: Ed Ajootian	Read Replies (2) of 350

Seppo, Noticed that the near-term oil futures prices are down several $$$ on the Saudi announcement. Not sure why a mere 500,000 bpd would be viewed as having this much effect. In March, 1.7 mbopd came online and it had no effect on prices. 10 days ago another .7 mbopd came on, also to no avail. Query why do the markets think that this latest .5 mbopd would have that much effect on prices? Amazingly, the Saudi's only have 1.5 mbopd of excess capacity left after this latest increase. Also, I believe Kuwait, UAE and Algeria are all tapped out now, contrary to what they may be saying. This just leaves Mexico. Does anyone know how much excess capacity Mexico has?

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