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: Telemarker who wrote (73017)	9/11/2000 3:17:05 PM
From: Jon Cave	Read Replies (1) of 95453

OPEC president warns of possible oil capacity crisis OPEC president warns of possible oil capacity crisis VIENNA, Sept 11 (Reuters) - OPEC President and Venezuelan Oil Minister Ali Rodriguez said a possible world oil production crisis was approaching as producers in the cartel were nearing their capacity limits. "We are approaching a crisis of great proportions because oil production capacity is reaching its limit," he told a news briefing after an OPEC conference. Saudi Arabia was one of the few countries remaining with spare capacity and Rodriguez said that the world's number one oil exporter could act as "a tuning producer." He said there were many factors behind the current oil price spike that escaped OPEC's control such as refinery bottlenecks, transport restrictions, high taxes in oil importing countries and excessive speculation in financial markets. ((Tom Ashby, OPEC Newsroom +431 713 2698)) REUTERS * end of story * (REUTERS) OPEC president warns of possible oil capacity crisis OPEC president warns of possible oil capacity crisis VIENNA, Sept 11 (Reuters) - OPEC President and Venezuelan Oil Minister Ali Rodriguez said a possible world oil production crisis was approaching as producers in the cartel were nearing their capacity limits. "We are approaching a crisis of great proportions because oil production capacity is reaching its limit," he told a news briefing after an OPEC conference. Saudi Arabia was one of the few countries remaining with spare capacity and Rodriguez said that the world's number one oil exporter could act as "a tuning producer." He said there were many factors behind the current oil price spike that escaped OPEC's control such as refinery bottlenecks, transport restrictions, high taxes in oil importing countries and excessive speculation in financial markets.

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