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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (33447)12/23/1998 4:49:00 PM
From: gregor  Read Replies (1) of 95453
 
Big Bull:

This isn't the wrath of God on oil bears but it could bring on further cooperation from other OPEC members.

CARACAS, Venezuela - Venezuela said it will implement the last phase of cutting crude output by 525,000 barrels a day in January, fulfilling its agreement with other oil-producing nations seeking to boost world oil prices. Venezuela currently produces between 80,000 barrels and 100,000 barrels of oil a day more than its pledged output of 2.845 million barrels. The country, along with other OPEC nations, agreed in June to cut oil production.

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