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: Crimson Ghost who wrote (36468)	2/1/1999 5:32:00 PM
From: gregor	Read Replies (1) of 95453

I agree that we need to stay in the low 12 range for a few weeks or more near term a healthy bounce below 12. When is the OPEC meeting coming.? We have had some healthy news from Venezuela, but it's hard to figure out the Saudi's. At a production cost of 1.00 a barrel I guess they can do whatever they want, but I hope their aim was to punish the other transgresors for past sins. Either way it appears to belie western logic. Lets say they wanted to crimp worldwide exploration for a few years by flooding the market and making oil so plentiful that they could hope to sustain a rise in oil once it takes place. By so doing they can top off their strategy by announcing and sticking to a 1 million per diem production cut at the next meeting. Apparently they have a benchmark price in mind and if so oil would rapidly rise to that benchmark and fluctuate around that level for a few years. In my own mind I would place that level around 15.00 in the current market environment. ( That is to say at what level could a rise in oil be sustained for a few years. )BWDIK

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