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Gold/Mining/Energy : Gold Price Monitor
GDXJ 93.98+0.6%Nov 21 4:00 PM EST
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To: Bobby Yellin who wrote (6238)1/19/1998 12:14:00 AM
From: Abner Hosmer   of 116764
 
Bobby - I'm interested in following this, mostly because oil is a proxy for the price of everything. Agriculture is particularly petroleum-intensive. My personal view is that the risk of price shock is less associated with supply than with the value of the currencies in which oil will be purchased, including the dollar. More on OPEC:

biz.yahoo.com

LONDON, Jan 15 (Reuters) - OPEC oil producers on Thursday were in a flap about how to counter a slump in world crude prices which threatens to inflict serious damage on their oil-dependent economies.

...OPEC in December agreed to raise its official output ceiling by 10 percent to 27.5 million barrels a day (bpd)...And OPEC delegates said the suggestion that the group revoke its December decision and cut quotas back again was a non-starter.

...''If there are those in OPEC who think the big Gulf producers can be pushed up against a wall and told to cut back again they've got another think coming,'' said one non-Saudi Gulf delegate.

...OPEC kingpin Saudi Arabia made clear at the time it wanted its share of a growing world oil market and was tired of shouldering the burden of output restraint while others in OPEC ignored official supply limits.

...Traders said Saudi Arabia lifted volumes in December and has priced its crude very competitively for February, particularly into the United States where it has lost market share to OPEC rival Venezuela.

...Endemic quota-cheating meant OPEC output was already above the new 27.5 million bpd ceiling when the pact was signed and, with UN-monitored Iraqi exports rising again, overall output is expected to quickly reach 28.5 million.

Most OPEC members are now in competition to attract foreign oil company investment and all plan output rises this year as privately-financed oilfields come on stream.

Venezuela said on Wednesday it was planning to pump 3.6 million bpd this year, hugely in excess of its official 2.58 million quota.
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