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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 689.100.0%Jan 23 4:00 PM EST
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To: Fun-da-Mental#1 who wrote (56174)7/6/2000 10:19:26 PM
From: pater tenebrarum  Read Replies (1) of 99985
 
Fun, i never believe the words coming out of a politician's mouth to be sincere. there's always an agenda involved...i am not really current on what's happening in Venezuela right now, aside from the fact that Chavez was considered a radical when he took over, so the reason for these statements may be grounded in domestic matters. it may have been political posturing intended for a domestic audience. but more likely Venezuela is hoping to get concessions out of the US administration as well. we're talking about the third largest OPEC producer after all. the question is have they actually any leverage, as they're most likely producing at full capacity already.

i agree that Saudi Arabia is a protectorate of the US...however, if they'd stop to think for a moment, they would realize that the US will protect them no matter what . they can extort as high a price as they like - they're too important as to not enjoy protection.

of course they must be careful of the oil price not to get totally out of hand, as a recession in the industrialized world is not in their interest. but they will try to get as much as they can. and it seems $30 crude is not a big problem for the economy, at least so far.

who knows, this unilateral production increase announcement may even be a panic reaction - maybe they feel that supplies are about to get extraordinarily tight and are trying to blunt the impact before things get out of hand.

regards,

hb

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