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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: A. Geiche who wrote (36901)2/5/1999 2:52:00 PM
From: Crimson Ghost  Read Replies (4) of 95453
 
Geiche:

Saudi Arabia indeed does what US tells it do. This theocracy -- not Iraq -- is the mortal enemy of oil investors. If OPEC were following the Iraq policy of cutting production and hiking prices, OSX would be closer to 200 than 50.

But that said, I still think oil prices have fallen too low for even the US. They recognize the tremendous harm that a prolonged period of $12 oil will have on the stability of its allies and puppets. And never forget that low oil prices will hurt the politically powerful defense industry which relies heavily on sales to Saudi Arabia and other Gulf states. So Richardson may well urge (tell) the Saudis to cut production enough (in cooperation with other producers) to get the price back to $15 or so.
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