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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)

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Nov 21 4:00 PM EST

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To: Charles A. King who wrote (8579)	1/21/1998 9:45:00 PM
From: Charles A. King	Read Replies (1) of 13091

Sheik Yamani had been in charge of Saudi oil policy back when OPEC was in its heydey. He has been out of power for many years but wrote a book saying OPEC should sell oil at very low prices again. I don't know why though because I didn't read the book. Maybe it was so that marginal producers would be bankrupted and the price of crude could swing way back up again. This is in the news tonight. Saudi Arabia says it will not act alone to support oil market www2.nando.net LONDON (January 21, 1998 5:13 p.m. EST nando.net) - Saudi Arabia signalled on Wednesday that it has no intention of providing the lone safety net for world oil markets, despite the price slump putting a squeeze on the oil-dependent economies of OPEC producers. The source, familiar with Saudi policy, said Saudi Arabia believed that oil market fundamentals did not warrant such low crude prices. "The weakness in the oil price is due to speculation more than fundamentals on the ground," he said. "It is a problem of expectations. If we look at fundamentals prices are too low." OPEC at the end of November raised output limits by 10 percent to 27.5 million bpd but many in the group with the capacity to do so were already pumping excess. Recently-resumed Iraqi exports under a United Nations exchange are expected to push OPEC quickly toward 28.5 million bpd. Oil analysts warned that OPEC supplies at that level were likely to push oil prices even lower. "If OPEC fails to respond at all prices are destined to fall further during the year, plunging the oil industry into a financial mess reminiscent of 1986," said London's Centre for Global Energy Studies. Washington-based consultancy Petroleum Finance said Saudi and its Gulf OPEC neighbors would need to reduce supplies by 600,000 bpd to stop Brent falling below $14 a barrel. But the source said Saudi Arabia's stance on any new initiative inevitably would be influenced by the quota violations which have undermined previous OPEC pacts.

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