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: Challo Jeregy who wrote (27435)	8/10/1998 11:32:00 AM
From: Mike from La.	Read Replies (3) of 95453

Not a good day so far. Any comments on my notion that the rise in oil prices, when they come, will be caused more by shut in of wells needing at least $16 bbl to be profitable, rather than by OPEC's 100% compliance with cuts? While I agree that a price rise due to production reductions doesn't necessarily help drillers, the shut-ins are permanet cuts, not coming back. The shift will be to low cost production, from higher cost prodution, which should favor offshore drilling. Meanwhile, a few bombs on Iraq wouldn't hurt. I think that once the cuts do start to show up, which should be pretty soon, there will be a much a rapid drop in supply than is being projected now. Mike

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