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

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To: SJS who wrote (16885)	3/27/1998 2:16:00 PM
From: drsvelte	Read Replies (2) of 95453

Norway government wins backing for oil output cuts OSLO, March 27 (Reuters) - Norway's minority government secured a parliamentary majority on Friday for a cut in output to bolster prices with help from the big opposition Labour Party. The Labour Party said that cuts should be limited to about 100,000 barrels per day (bpd), or three percent of Norway's output of 3.2 million bpd. Oil and Energy Minister Marit Arnstad told Reuters she welcomed the Labour Party decision, reversing its opposition on Thursday when parliament shot down a government call for a cut between three and six percent. She said Norway, the world's biggest exporter behind Saudi Arabia, would decide the exact size of the cuts next week. Labour has 65 seats in the 165-member parliament, enough for a majority with the government's 42 seats. ''Even though the situation is not as dramatic as in 1986, the Labour Party thinks it is necessary to regulate production,'' a party statement said. Labour said any Norwegian cuts should wait until other producers showed willingness to implement promised cuts. OPEC is to meet on Monday to approve a plan agreed by Saudi Arabia, Venezuela and Mexico to cut output to shore up prices. -------------------------------------------------------------------------------- Related News Categories: international

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