Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	11/21/2001 5:53:06 PM
From: t4texas	Read Replies (1) of 36161

media oil spin on what russia said good article on slb daily news site on what russia said, might have said, or might have meant. it says russia had already budgeted for lower oil prices. russia is casting its lot with the west, and if we put our thinking caps on there can be no better public relations way for russia to curry favor from the west than to keep pumping oil while many terrorist-supporter opec countries want the price to move up. i just think there are a lot more moving parts in this puzzle than just the price of oil. that is the game russia is playing in my opinion. an excerpt: OPEC then faces the certainty of weak prices into the second quarter - when demand is expected to drop by more than 2 million b/d, requiring further cuts. "It's not impossible" that all of 2002 will be a lost year in terms of salvaging oil prices, says a long-serving OPEC delegate. "Definitely the first half is lost now." The only hope to stop a full collapse in prices to $10 (as Kuwait's oil minister says is a possibility, albeit not a desirable one) is if the U.S., winding down the war in Afghanistan, moves on Iraq by February. slb.com

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