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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (32221)11/30/1998 8:59:00 PM
From: DavidG  Read Replies (2) of 95453
 
Big Dog,

Maybe a silly question but I'll ask it anyway. Since the failure of OPEC to agree on further cuts, LS Crude has dropped at least 10%. Now if OPEC had agreed to a 10% cut, oil may have gone up 10% instead of down 10% and everybody would have been better off. Are they missing something or am I missing something fundamentally basic.

Bottom line is they are selling their oil for a lot less money this week than last week.

Also, do you think the Saudi's are doing something to cause the drop in oil as punishment or maybe to at least give a warning? Wouldn't it seem logical to hurt Iran and Venzeula causing them to lose more money on their oil then if they had cut production even if everbody suffers short term?

I Really do not understand fundamentals.<g>

TIA
DavidG
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