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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Broken_Clock who wrote (18892)4/13/1998 3:32:00 PM
From: Czechsinthemail  Read Replies (3) of 95453
 
PK,

There seems to be a lot of oil out there, and many are skeptical about the OPEC production cuts so the negative case is projecting that the glut continues and oil prices remain weak. But the other side is demand increasing faster than was earlier expected and the possibility of current and perhaps future OPEC cuts reducing supply. The benefit of even modest production cuts in raising oil prices and their total oil receipts obviously is not lost on them. You may be right that they will make further cuts, in which case even the announcement of a meeting will boost oil and drilling stock prices.

I'm not sure whether oil prices will remain weak into the fall or not, but I feel reasonably sure they are likely to increase over time as global demand picks up.

Baird
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