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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: George8 who wrote (7399)	6/2/2004 12:43:44 PM
From: mishedlo	Read Replies (1) of 116555

Saudis, OPEC aim to bring oil price down to 22-28 usd range Wednesday, June 2, 2004 9:25:42 AM BEIRUT (AFX) - Saudi Oil Minister Ali al-Naimi said his government and the rest of OPEC aim to bring oil prices back down to the cartel's target range of 22-28 usd per barrel "Saudi Arabia and OPEC countries are working to stabilise prices within the price band of 22 to 28 dollars" for the cartel's basket of crudes, he told a news conference ahead of tomorrow's OPEC meeting The Saudis are "fully ready" to raise production and have "a spare production capacity of two million barrels per day." But Naimi said Saudi Arabia may not use its spare capacity to the full, as "we have to be cautious and remember what happened in 1997 and 1998," when world economic crises led oil prices to crash to below 10 dollars per barrel "Today's prices have nothing to do with the fundamentals of the oil market. You might call it terrorism, you might call it expectations of the destruction of oil and gas facilities," he said "And increasing production will not necessarily solve the problem, but we need to reverse the perception, and this is what we will work for." fxstreet.com

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