Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Czechsinthemail who wrote (14284)	3/10/1998 10:29:00 AM
From: Tulvio Durand	Read Replies (1) of 95453

If Venezuela and others have already sold their oil through the futures market then the soft oil market may well persist a lot longer than I figured. Baird, do you have an indication on how much production is pre-sold and its delivery dates? More on the game of chicken (from G. Klein newsletter): The main question now hanging over the market: How low will the price of oil have to go before one of the two protagonists in the latest internal OPEC squabble -- Saudi Arabia or Venezuela -- will blink? "I'm sure there is a level below which they cannot continue the status quo,'' said Manouchehr Takin, a senior oil analyst at the Center for Global Energy Studies in London. "When it gets to a really critical stage, they will get together. What level of pain can they endure?" Tulvio

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