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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Tulvio Durand who wrote (10344)2/2/1998 12:21:00 PM
From: Czechsinthemail  Read Replies (2) of 95453
 
By offering these discounts, Iraq has raised the total amount of oil it exports through its secret routes to about 200,000 barrels a day, bringing in revenue of more than $700 million in the past year, the executives said.
That is less than 6 percent of the $12.7 billion Iraq would earn if it
were still exporting 2.5 million barrels a day, as it did before the gulf war.

Tulvio,

Far from shipping all the oil they can produce, this article suggests Iraq is only selling a small fraction of the amount they might otherwise ship.

On the other hand, even with rumors of the larger UN allocations, crude prices seem to have found a floor price. While there may be some continued weakness among the drillers around any weakness in oil prices, the upside once crude prices stablize seems much greater. The offshore drillers remain one of the best value areas in the market.

Baird
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