Nabors Industries(NBR) Message Board

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Gold/Mining/Energy : Nabors Industries(NBR)

NBR 51.56

-0.4%

3:59 PM EST

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To: PashaBear who wrote (91)	5/17/1998 10:53:00 AM
From: Jim Lou	of 174

Harold, what I am concerned is whether oil producing countries have much incentive in moving oil prices, at this point. The situation is, the demand is weak, higher prices will result in much lower demand. I believe oil price largely depends on Asia's turn around. China, for example, has recently cut down oil production and will raise tariff on imports of oil products in order to defend domestic market. Korea is extremely sensitive to oil prices, due to their currency devaluation and their heavy dependence on oil imports. At this stage, any oil price hike will result in shrinking of Korea's oil dependent sector, rather than in them increasing expenses. My humble opinion is, oil stocks will move up when Asian situation is really off its lows and starts climbing. Currently, oil stocks may still go down a bit which provides excellent entry points. Next week may be time to buy.

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