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Gold/Mining/Energy : Anyone following UTI Energy Corp.?
UTI 28.99+4.2%Feb 2 3:59 PM EST
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To: John F. Poteraske who wrote (851)7/2/1998 2:13:00 AM
From: John F. Poteraske  Read Replies (3) of 1305
 
Just wanted for anyone else interested in reading about the
article where I said that Saudi Arabia might dump oil on the market,and the reasoning behind it. Comes from June 24, 1998
Chicago Tribune-Business Section-Article
Saudis keep economy running on low oil prices. The article costs
$1.95 to read the full article. I wanted to summarize-

"Some oil industry analysts have argued that the only way Saudi Arabia
, which possesses a quarter of the worlds proven reserves, can retain
it's position as the World's no. 1 oil exporter is to open the taps
and flood the market" "The thinking was that oil is going to be in
demand forever, and that with a 200 year reserve, oil is more valuable
to us in the ground than it is outside" said Hani Yamani, whose father, Sheik Ahmed Zaki Yamani, was Saudia Arabia's oil minister during opec's salad days." But oil is not going to be in demand for
200 years. It might be obsolete in 50 years, maybe sooner. And the
reality is we are losing market share. We have 25 percent of the
world's reserves but less than 12 percent of the market"

Yamani and a growing number of other Saudi oil experts argue that
the kingdom should double it's present production capacity of 10.5 million barrels a day and flood the world market with cheap oil.
Cheap oil would fuel the growth of the already robust us economy,
and could help revive the flagging asian economies.

Later John
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