The Justa and Lars Honors Bob Brinker Investment Club Thread Message Board

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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread

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Nov 6 4:00 PM EST

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To: Wally Mastroly who wrote (331)	7/19/2000 6:24:47 AM
From: Justa Werkenstiff	Read Replies (1) of 10065

Wally: These OPEC guys now have zero credibility. They give lip service to lowering oil prices but their actions suggest they are interested in keeping prices higher than their stated goal. Looks like Justa was right -- greed is ramping hard. Short term, it is up to those with production capacity to cheat. Intermediate term, these guys could change their minds again. But like you said I would not count your oil before it is pumped and delivered!!! Prudential's Kildow on OPEC News Boosting Oil Prices: Comment New York, July 18 (Bloomberg) -- Comment by Aaron Kildow, an energy analyst at Prudential Securities in New York, on statement by Organization of Petroleum Exporting Countries President Ali Rodriguez, who today said no increase in oil output is needed for now since the group's price index dropped below its $28-a-barrel ceiling. On OPEC: ``I don't see how the (OPEC basket) price lost $1.38 from Friday to Monday,'' he said, referring to the index price's drop below $28 a barrel yesterday after holding above that level for 19 days. ``They're calling the game off and restarting the clock again; I'm a bit surprised by this. They did this before when they said it was not a moving average (but instead) was consecutive days, and then they pull this shenanigan. It questions how reliable these policies are: not very.'' ``The Saudis aren't getting the same air time; they play by the book. The Saudis are doing their own thing right now -- they feel the market needs extra oil and they're going to have to do it one way or another.'' The dismissal of the production increase means ``the Saudis will have to go back to Venezuela's old ways and pump more than their quota. They'll have to cheat.'' ``It's created an awkward tension'' within OPEC, he said. ``There's still the opportunity for OPEC to make some amendment to their statement today.'' Jul/18/2000 19:56 ET

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