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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Chunsheng Zhou who wrote (8333)1/15/1998 8:17:00 PM
From: Teddy  Read Replies (2) of 95453
 
So, as i sugested earlier, the oil price targets these countries are referring to are not the same as the spot prices referred to by drilling contractors.
Message 3181000

"...I don't see now an additional fall in oil prices. I believe we are arriving at the end of
this adjustment,'' Lajous told reporters,
referring to the recent decline in world oil prices.

Lajous said he saw no reason to further revise the government's latest estimate of
average 1998 oil export revenue of $13.50 per
barrel, announced as part of a revised budget for the year on Wednesday.

For the first two weeks of January, Pemex estimated its average crude export price
stood at $12.06 per barrel.

Lajous said cuts in planned investment, triggered by lower-than-expected oil revenue
this year, would not affect major projects..."

I think that $12.06 "average crude export price" is the "Well head" price (Mike, can you comment?).
So, it looks like Lajous is projecting that the average price for the year will be about $1.44 more than the average price for the first two weeks of January(what does that make spot crude, somewhere between $17 and $18.50?). I have no problem with that, appearantly that price "would not affect major projects."
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