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: ron peterson who wrote (15839)	3/22/1998 9:29:00 AM
From: Lois R	Read Replies (4) of 95453

Saudi, Venezuela, Mexcico Arrange Oil Rescue Package DUBAI, March 22 (Reuters) Producers inside and outside the OPEC are to cut between 1.6 million and 2 million bpd of oil from world markets to restore prices, a joint statement issued by Saudi, Ven, and Mex on the official Saudi Press Agency said on Sunday. The three Ministers decided to undertake an effort together with the rest of OPEC members as well as non OPEC producers to withdraw from the market an amount of 1.6 - 2 million bpd" the joint statement said. The statement was isssued after oil ministers met in Riyadh on Sat. and Sunday. The statement said a commitment had been made by "several producers" to cut 1.1 billion bpd and that discussions would continue on further reductions i coming days. Following that statement, SA said it had committed itself to cutting its own prod. by 300,000 bpd. "Saudi Ariabia has decided to reduce its oil supply by 300,000 bpd from its current level, " a separate statement released by the Saudi Ministry of PMR siad. Have we turned the corner??? Lois

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