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: RealMuLan who wrote (17496)	4/1/1998 3:06:00 PM
From: RealMuLan	Read Replies (1) of 95453

This perhaps has helped today's oil service stocks: Russia invites OPEC leaders for talks Wednesday April 1 11:44 AM EST MOSCOW, April 1 (UPI) _ A senior Russian official has issued an invitation to OPEC's leadership to visit Moscow later this month for talks aimed at stabilizing the world oil market. Acting First Deputy Prime Minister Boris Nemtsov (''nehm-TSAWF'') made the announcement at a Moscow meeting of energy ministers from world's seven most industrialized nations and Russia. Nemtsov said, ''We have issued an invitation to representatives of the Organization of Petroleum Exporting Countries to visit us and discuss questions of pricing on the world market.'' Russia, one of the world's largest oil exporters, has been hard-hit by falling prices. Western economists estimate Russia still relies on oil exports for a considerable portion of state revenues. Crude oil and oil products account for more than 60 percent of Russia's total exports. Last week Russia decided to cut a transportation tax it was charging oil companies for using state-owned pipelines. The move will cost Russia billions in lost revenues, but Russian oil companies said they would be driven into loss if the cut wasn't made. The government has so far resisted giving the oil companies a tax holiday, and hopes a concerted effort with OPEC nations will cut world market supplies and drive the price of oil back up to last year's levels. _- Copyright 1998 by United Press International. All rights reserved. _-

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