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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: RealMuLan who wrote (17320)3/31/1998 1:09:00 PM
From: marc chatman  Read Replies (1) of 95453
 
>>The cartel could take further action to support the market if necessary, he said.<<

They "could" do anything. But my point was that they aren't going to call another meeting for next week in response to short-term trading actions in oil or in response to reports that analysts feel they need to remove 2mm bpd from production as opposed to 1.5mm.

I think the remaining comments from OPEC indicate that they are going to wait a month or two to see whether this cut has the desired impact on the supply/demand imbalance.

I recall that another OPEC meeting is set for June (someone correct me if I am wrong). I would be amazed if the ministers met again bafore then.
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