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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Czechsinthemail who wrote (17324)3/31/1998 1:45:00 PM
From: marc chatman  Read Replies (3) of 95453
 
Baird, any thoughts on the point that the OPEC cuts are to continue only through the end of this year?

If things get better, OPEC is likely to let the cuts lapse, just as they raised oil quotas last year. But I guess the more important issue is how the E&P's will view this matter.

Optimistically, they could say that the actions of OPEC (and the non-OPEC producers) indicate that oil prices will be supported long-term. Accordingly, they move full speed ahead with their long-term development plans. On the other hand, if the E&P's think this is only a temporary OPEC move, long-term plans could be put on hold or scaled back. My guess is they are not likely to cast caution to the wind until they get a better read on the situation, and that could take awhile.
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