IQ, obviously this news is bearish for the TRANS but do you believe this combined w/ slowing earnings could be the catalyst to cause the broader mkt to correct somewhat?
BTW-- nice to have you over at MBK :)
Saudi, Venezuela, Mexico arrange oil rescue package
DUBAI, March 22 (Reuters) - Producers inside and outside the Organisation of Petroleum Exporting Countries (OPEC) are to cut between 1.6 million barrels per day (bpd) and two million bpd of oil from world markets to restore prices, a joint statement issued by Saudi Arabia, Venezuela and Mexico on the official Saudi Press Agency (SPA) 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 to two million barrels per day," the joint statement said.
The statement was issued after oil ministers of Saudi Arabia, Venezuela and Mexico met in Riyadh on Saturday and Sunday.
The statement said a commitment had been made by "several producers" to cut 1.1 million bpd and that discussions would continue on further reductions in coming days.
Following that statement, Saudi Arabia said it had committed itself to cutting its own production by 300,000 bpd.
"Saudi Arabia has decided to reduce its oil supply by 300,000 barrels per day from its current level," a separate statement released by the Saudi Ministry of Petroleum and Mineral Resources said.
Saudi Arabia currently produces around 8.7 million bpd.
((Gulf newsroom, +971 4 607 1222, fdi Press Agency (SPA) 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 to two million barrels per day,'' the joint statement said.
The statement was issued after oil ministers of Saudi Arabia, Venezuela and Mexico met in Riyadh on Saturday and Sunday.
The statement said a commitment had been made by ''several producers'' to cut 1.1 million bpd and that discussions would continue on further reductions in coming days.
Following that statement, Saudi Arabia said it had committed itself to cutting its own production by 300,000 bpd.
''Saudi Arabia has decided to reduce its oil supply by 300,000 barrels per day from its current level,'' a separate statement released by the Saudi Ministry of Petroleum and Mineral Resources said.
Saudi Arabia currently produces around 8.7 million bpd.
08:49 03-22-98 |
