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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Crimson Ghost who wrote (36503)2/2/1999 10:28:00 AM
From: SargeK  Read Replies (1) of 95453
 
OPEC Action,

Last year, in order to get the existing agreed cuts extended, the SAUDI's indicated that if further cuts were needed to increase prices, that they would make unilateral cuts. I suspect that other OPEC and non-OPEC exporters will hold them to that promise. After all, SAUDI almost single-handedly created this mess by their 10% increase in production during a time ASIAN demand was on the decline. The latter situation is reversing as evidenced by the dollars drop against the YEN. This looks like another tumultuous year; but I think the overall trend for energy prices will be up, perhaps significantly! Since crude (like most commodities) is priced in dollars, countrys' whose currencys have strenghtened against the dollar are benefitting from cheaper energy prices. Lower prices generally result in greater demand.

K
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