Strictly: Drilling and oil-field services Message Board

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

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To: S. M. SAIFEE who wrote (38334)	2/25/1999 5:19:00 PM
From: Platter	Read Replies (1) of 95453

Oil closed at 12.68, up 7 cents, OSX UP .93...Good buy SM, check out the article on DO from Strre.com I posted earlier...."LONDON, Feb 25 (Reuters) - Oil prices plodded higher on Thursday as U.S. refinery problems offset the re-emergence of a simmering row between producer heavyweights Iran and Saudi Arabia. International benchmark Brent closed three cents up on the London futures market at $11.11 per barrel, $1.50 above December's historic lows. Bigger gains were relinquished as when an Iranian source insisted that Tehran will not budge from its controversial claim for a higher OPEC production allocation. The dispute - which scuppered any chance of agreement at the waning cartel's November meeting - is over the baseline from which Iran cuts its oil output in a pact aimed at propping up the lowest prices in real terms for 25 years. Iran wants OPEC to recognise 3.925 million barrels per day (bpd) as the baseline for its individual output reduction and any future cuts instead of the 3.623 million bpd judged by the media and independent analysts. Saudi Arabia rejects the claim and while the two sides have held talks aimed at aligning their positions there have been no tangible signs of progress. OPEC ministers are due to meet in Vienna on March 23. Massive stocks of petroleum products - swollen by a stagnant demand in a mild northern hemisphere winter - have thwarted the producer efforts to engineer a market recovery. But prices got a small fillip earlier on Thursday that Ultramar Diamond Shamrock, one of the top U.S. independent oil refiners would cut production at plants in Michigan and Texas due to depressed refining margins. Fellow U.S. refiner Citgo said that the crude processing unit at its 153,000 barrel per day (bpd) Illinois refinery will be shut for a week following a fire at the plant on Wednesday. In Asia, both South Korea's largest refiner SK Corp and Japan's Idemitsu have crude crude runs. Prices shot up on Tuesday after a blaze broke out at a crude unit at Tosco's 100,000 bpd refinery in Avon, killing three workers."

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