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

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To: russwinter who wrote (17617)	12/4/2004 5:38:05 PM
From: CalculatedRisk	Read Replies (2) of 116555

Kuwait calls on OPEC members to cut overproduction 2 hours, 20 minutes ago Business - AFP story.news.yahoo.com MY COMMENT: I tend to agree with Russ that "OPEC will continue to produce nearly all out", but I do think they will try to jawbone a more stable price. KUWAIT CITY (AFP) - Kuwait called on fellow OPEC (news - web sites) members to stop exceeding their production quotas as the price of crude oil falls on global markets. "We are obviously concerned by the drop in prices," Oil Minister Sheikh Ahmed Fahd al-Sabah told the press. "We should take the matter very seriously. If this decline continues as it has in the past 48 hours, (OPEC) should stop all overproduction." Speaking at the beginning of a seminar on petroleum, Sheikh Ahmed added that there "are between 1.5 million and two million barrels (of overproduction) in the market. On Friday, New York's main contract, light sweet crude for delivery in January, fell 71 cents to 42.54 dollars a barrel. In three days, New York crude has tumbled 13.4 percent. Brent North Sea crude dropped 79 cents to 39.36 dollars, completing a 13.5-percent decline in three days.

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