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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Paul Angell who wrote (37546)2/14/1999 3:15:00 PM
From: Mike from La.  Read Replies (1) of 95453
 
No, my understanding is that you are exactly correct. Saudi had the surplus production capacity to almost instantly take the Iraqi's place. I think Iran is particularly peeved about this and that may be what's behind the Iranian/Saudi friction over cuts now. Although there is certainly a fairness argument that the Saudi's should give back all or part of the Iraqi production, the question is; if they refuse are Iran and the other OPECs willing to enter a very destructive price war over it? I don't know, but I think we are seeing posturing, through press releases from everyone, including the Saudi's that they are. My hope is that it is merely jockeying for position before the next meeting. Hopefully, there will be a compromise where the Saudi's will take a larger percentage cut than the others, while denying a need to return the Iraqi production. But that's assuming that reason prevails. It may not.
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