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Politics : Ask Michael Burke

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To: Tommaso who wrote (34056)	10/16/1998 1:39:00 PM
From: upanddown	Read Replies (1) of 132070

What would really trash the markets would be an agreement by oil producers to totally rescind the 10% output increase they authorized a couple of years ago. $25 a barrel crude (or higher) would pull a lot of money out of the United States, and fast. Tommaso, that 10% increase by OPEC was just a little more than a year ago and was very ill-timed because the Asian economic crisis with its reduced oil demand was just beginning at that time. That increase has actually been almost completely rescinded by a series of OPEC cuts but oil, at just over 14 bucks, remains much below last year's prices. I think it is unlikely that OPEC production changes, up or down, will affect oil prices much. Demand is the key. John

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