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: Douglas V. Fant who wrote (71789)	8/28/2000 1:36:03 AM
From: The Ox	Read Replies (2) of 95453

Sunday August 27 10:49 PM ET No Output Move Till OPEC Meeting MEXICO CITY (Reuters) - OPEC President and Venezuelan oil minister Ali Rodriguez said on Sunday red-hot oil prices stemmed from low inventories of refined products and signaled that any decision on oil supplies will not be made until a September 10 meeting of the oil cartel. ``If there is no refining then inventories drop. This is the problem that we have had all year,'' Rodriguez said during a visit to Mexico. ``It's a problem that is beyond OPEC's control,'' he added. Rodriguez said that on Sunday he met with Mexican counterpart Luis Tellez to exchange opinions on the global oil market. He said the two nations, two of the top three foreign crude suppliers to the United States, planned to issue a statement on Monday. Earlier on Sunday Rodriguez said his nation was committed to sticking to OPEC's price band mechanism, signaling world oil supplies would increase if prices remain at lofty levels. Rodriguez was also expected to meet with members of the transitional team of President-elect Vicente Fox, who won a general election on July 2.

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