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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts

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To: Jorj X Mckie who wrote (53045)	9/21/2000 3:06:28 AM
From: Junkyardawg	Read Replies (1) of 63513

Bloomberg Energy Thu, 21 Sep 2000, 3:04am EDT 09/21 02:09 Crude Oil Falls After IEA Says OPEC Has Capacity to Pump More By Lim Le Min Singapore, Sept. 21 (Bloomberg) -- Crude oil fell as much as 1.2 percent after the International Energy Agency said OPEC has enough spare capacity to pump another 2.2 million barrels of oil if prices stay high. Crude oil for November delivery fell as much as 42 cents to $34.82 a barrel on the New York Mercantile Exchange in after-hours electronic trading. It recently traded at $34.85. Oil for October delivery rose as high as $37.80 a barrel yesterday, the contract's last trading day, the highest since October 1990. OPEC can produce as much as 31.4 million barrels a day, or 2.2 million barrels more than the 800,000 barrels a day the group pledged to add to supply from Oct. 1, Paris-based IEA said. OPEC may pump 500,000 barrels a day more later in October if prices don't fall below $28 a barrel, the organization's Secretary- General Rilwanu Lukman said yesterday. The IEA statement ``provides some reassurance to the market that OPEC would have the ability to act if needed,'' said Nut Poo- Aree, an oil trader with PTT International Trading Co., the trading arm of state-controlled Petroleum Authority of Thailand. Oil prices have risen 36 percent this year and are more than triple the level at the start of 1999 because of an 18-month-long policy of supply restraint carried out by members of the Organization of Petroleum Exporting Countries.

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