SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Broken_Clock who wrote (19621)4/20/1998 12:29:00 AM
From: Lucretius  Read Replies (2) of 95453
 
Dow Jones Newswires -- April 19, 1998

If OPEC/Non-OPEC Pledges Kept, More Unneccesary-Gulf Source
Dow Jones Newswires

DUBAI -- If all of the oil producers that pledged production cuts last month in an effort to boost crude oil prices keep their commitments, further cuts should be unneccessary, a Gulf source told Dow Jones, Sunday.

But he noted OPEC's biggest producer Saudi Arabia has expressed its willingness to consider further cuts 'if there is a need for it.' Saudi Arabia was one of the architects of the so-called Riyadh Agreement that led to OPEC and some non-OPEC oil producing countries pledging to cut output in the shadow of decade lows in oil prices.

The oil ministers of Venezuela and Qatar - both widely seen as overproducers within the Organization of Petroleum Exporting Countries - said separately this weekend that their countries might be willing to make further cuts to stabilize the market.

'If all the promised cuts happen, i'm sure (further cuts) don't need to,' the Gulf source said. 'The price will improve.'

He said that, while final figures aren't yet available, early indications so far show that producers are following through with their promised cuts.

'The market is right now waiting to see the result,' the source said.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News