Pride Petroleum Services (PDE) Message Board

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Gold/Mining/Energy : Pride Petroleum Services (PDE)

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To: patim who wrote (380)	3/1/1999 11:35:00 PM
From: Bill Zeman	Read Replies (1) of 454

Patim You said, "the oil producers...can raise the price just by slowing down their pump." One reason the oil producer's have not yet collaborated on cutting production is that the Saudi's are in serious financial trouble because of their debt. Since the Saudi's are the leading world producer and central to OPEC, it is essential that they participate in any production cutbacks. Their situation is as I understand it, VERY SERIOUS. They could be like Japan or even worse!! Oil is their only source of revenue and I get the feeling that they will keep pumping it out at max capacity indefinitely. Thusly, your words fail to comfort me. I think they can remain profitable all the way down to $6/barrell or something like that. Anybody know the precise number? At $6/barrell this could get much worse before it gets better. Bill Zeman

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