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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (92314)7/16/2001 3:17:56 PM
From: Art Bechhoefer  Read Replies (1) of 95453
 
Slider, you've made some excellent points, however, I do not see OPEC particularly interested in gaining market share. I consider OPEC to be nothing more than a global version of the old Texas Railroad Commission, which is actually the model for OPEC, and whose purpose was to set production quotas to maintain domestic oil prices at certain levels thought to be reasonable for maximizing profit. I see little or no difference with OPEC. If they keep production down too much, prices get too high, and the world economy suffers to the point where overall profits for OPEC go down. If they boost production too much, profits per barrel drop to the point where they no longer maximize. I think a price range around US$22-26 seems to be the current target of OPEC, and I so no reason for OPEC to attempt to gain market share by lowering prices.

Art
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