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

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To: Douglas V. Fant who wrote (37573)	2/15/1999 10:02:00 AM
From: Crimson Ghost	Read Replies (2) of 95453

Kuwait teeling it like it is: Oil production cut called for China Daily KUWAIT CITY (Agencies via Xinhua) _ Kuwait's oil minister on Saturday said that at least 1.5 million barrels per day (bpd) would have to be cut from Organization of Petroleum Exporting Countries' (Opec) production before rock-bottom prices improve. "The quantity of oil that must be withdrawn from the market must not be less than 1.5 million bpd," Sheikh Saud al-Nasser al-Sabah said in an interview with Al-Anba newspaper. He said this figure derived from the extra 500,000 bpd that was coming from quota-busting producers and Iraq's 1 million bpd production increase. He warned oil producers that they would need to make sacrifices in output to cut global stock levels. "Oil supplies must be reduced to a level that will make it possible to absorb the stockpile, and only then will prices start to improve," he said. A glut in world oil supplies and high stock levels have both contributed to record low crude prices. Sheikh Saud said that a gathering of oil producers before the scheduled Opec meeting on March 23 in Vienna was unlikely because of the continued non-compliance with cuts by member states. At the Opec November 1998 meeting, oil ministers failed to agree on whether to call for new production cuts or extend existing ones. On the economic crisis in Southeast Asia, Kuwait's biggest market, the minister said that "there would be no major or tangible drop in demand because it (oil) is a strategic commodity and everybody needs it. "I don't believe there will be a serious or direct impact on us because no country can do without oil." The price of Opec's crude basket fell sharply in 1998 with an annual average of US$12.28 _ a 34 per cent drop over the 1997 price of US$18.68. The emirate supplies around 10 per cent of the world's oil and has 100-year reserves at current production levels. The oil industry represents 90 per cent of the Gulf Arab state's exports. Benchmark Brent crude for February delivery on London's International Petroleum Exchange fell to US$10.39 a barrel at close of trade this week. (Copyright 1999) _____via IntellX_____ Publication Date: February 15, 1999 Powered by NewsReal's IndustryWatch ...back to top

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