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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Mike from La. who wrote (37705)2/18/1999 11:07:00 AM
From: SargeK  Read Replies (2) of 95453
 
Mike,

Commodities have been in a bear market since the Asian crisis of 1997. The Bridge CRB Index hit a 24 year low day before yesterday. Opec Oil Revenues (in constant 1990 dollars) dropped from $439 bill. In 1980 to $83 bill in 1986 and has fluctuated between approx $90 bill and $150 bill for the past decade. They experienced an abrupt decline last year from 1997 and so far this year average prices are even lower. I don't think they have any choice but to cut production at least 1mbpd. I think overtures by the Saudis to upgrade (bring new technology to their most vital national resource) is not intended to flood the market but to add much needed efficiencies to extend the life of their most important export. Recent actions by the U.S. to add to the SPR and lease space to the producers add tangible evidence that we are on board to reduce marketable inventories and stabilize prices at a loftier levels.

K
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