galt, their reasons for the upspike in prices in OCT 1998 seemed credible. i'll see if i can locate a written copy of the report and post it.
hard to understand why tmar is trading at 50% below it's book, or 110% looking at it from the other direction. (institutional ownership hadn't changed much from june to july, so i wonder where "they're" finding shares to trade at this level. inst. ownership remains in the low 80%s). some traders are determining that earnings will be poor with $6K supply boats or less.
11:42 DJS Meeting Among Oil-Producing Countries' Ministers Delayed For Week
11:42 DJS Meeting Among Oil-Producing Countries' Ministers Delayed For Week
CARACAS -(Dow Jones)- A meeting scheduled for Friday among oil
ministers of Venezuela, Mexico, and Saudi Arabia has been postponed until next
week.
Venezuelan Energy and Mines Minister Erwin Arrieta said Wednesday the
postponement isn't due to policy friction but to assess the effect of August
oil-production cuts on prices.
"Venezuela is not in disagreement with Saudi Arabia," said Arrieta. "We
already have complete data for the month of July, and we are waiting for
August data, so within a week we will be able to hold the meeting with a more
up-to-date evaluation of conditions."
Mexico, Venezuela and Saudi Arabia have been the prime movers behind
the efforts by major oil producing nations to cut oil output in a bid to lift
sagging crude prices. Low oil prices are triggering economic woes in nations
like Venezuela and Russia, prompting concern those countries will pump more
oil to get badly needed funds.
Under the earlier accords, Venezuela agreed to cut its oil output by
525,000 barrels a day effective July 1. On Aug. 13, Arrieta said Venezuela had
only cut 475,000 barrels a day, but that it will cut production by the
remaining 50,000 barrels a day soon.
However, the Venezuelan government has grown increasingly frustrated in
recent weeks at the lack of a rebound in oil prices. Union leaders in
Venezuela urged the government to actually boost output as Arrieta prepared
for this meeting.
Arrieta will still leave for Mexico Thursday for two days of meetings
with government officials.
Copyright (c) 1998 Dow Jones & Company, Inc.
All Rights Reserved.
08/26 11:42a CDT |
