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: marc chatman who wrote (17266)	3/31/1998 12:59:00 PM
From: RealMuLan	Read Replies (1) of 95453

Marc: <<OPEC is not going to hold another emergency session and take additional action based on some news reports that the market has given its "thumbs down." But according to Saudi Arabian Oil Minister Ali al-Naimi, this is not entirely impossible. Please read this para from Reuters report: <<Saudi Arabian Oil Minister Ali al-Naimi said the accord reflected a new unity and pragmatism inside the Organization of the Petroleum Exporting Countries. The cartel could take further action to support the market if necessary, he said. "There were 11 angry men in a meeting and they came out as one. That is our message," he said. "It is not a flippant decision. It is not a phony message to the market." >> <<VIENNA, March 31 (Reuters) - Saudi Arabia's Oil Minister Ali al-Naimi on Tuesday served notice on doubting markets that OPEC means business in its attempts to boost flagging oil prices. In an interview with Reuters, Naimi said there had been a ''change of attitude'' among the the Organisation of the Petroleum Exporting Countries. He said the group would be more pragmatic in its attempts to thwart the prolonged slide which sent oil prices to their lowest levels in nine years. ''I am a businessman. We are not talking politics anymore in OPEC but business,'' said Naimi who worked his way to the world's top oil job from his start as a young clerk at Saudi Aramco, the state oil company that produces the kingdom's 8.7 million barrels daily. Naimi left open the possibility of further output cuts if the oil price begins to fall again. OPEC is scheduled to meet again in June to review the market. ''There is no reservation by any OPEC member to take more or less action if need be,'' he said.>>

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