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: upanddown who wrote (28433)	8/27/1998 8:14:00 AM
From: Gameboy	Read Replies (1) of 95453

Late 1997 - OPEC produces 3 million barrels/day too much - oil prices slide July 1998 - OPEC cuts production by 3 million barrels/day - oil prices stabilize Sept 1998 - OPEC cuts production more - oil prices rise and OPEC cuts more, and more, and more - if necessary. The Asian Crisis, Iraqi sanctions, non-OPEC production, Chinese floods, Nigerian sabotage - the list goes on - are factors to be factored in but the price of oil is controlled by the people who control 40% of the world's production. They want oil at $20 - 22/barrel. Best of luck, Steve .

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