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: Snowshoe who wrote (27172)	8/5/1998 10:29:00 PM
From: P.Prazeres	Read Replies (1) of 95453

Today I was wondering what the heck hit RIG. Then I came across a story on Bloomberg stating that Venezuala is disposing of 40 or so of its rigs (out of just over 100). They are dojng this in order to fulfill the cutbacks. Which brings me to the conclusion that only an INCREASE in demand will bring the OSX back to life. Inventories are bloated, production cutbacks mean less utilization of rigs...the longer oil hovers at $14, the worse it is for this sector. Now, we can understand why the OSX is collapsing and may do so further. Things will not turn around until inventories come down through demand increase. Paulo

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