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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: michaelrunge who wrote (24485)	1/12/2005 3:03:59 PM
From: Wyätt Gwyön	Read Replies (2) of 110194

SA to cut 30-50%?? i saw that as well. but it is a misreading. the Saudis are not cutting their overall production by 30-50%--if they did that, oil would be at $150. as stated in the article, SA cut production from 9.5 mbpd to 9 mbpd, which works out to a 5.26% reduction. the "30-50%" figure actually refers to the allocation cuts experienced by certain Europe-based traders. as the article notes: "Europe-based trading sources at major oil companies reported Tuesday cuts in the amount of crude allocations in the vicinity of 30%-50%" but overall production cuts are nowhere near this level. again from the article: "At the same time, the Saudis left unchanged or only shaved off a few percentage points for term crude customers in Asia, Europe and the U.S. whose contracts are on a delivered basis for fixed destinations."

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