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: paul feldman who wrote (38763)	3/3/1999 10:53:00 AM
From: Platter	Read Replies (1) of 95453

As i said yesterday if these two can patch up, look out above.."27 FOCUS-Oil gains on U.S. stocks, Iran-Saudi talks LONDON, March 3 (Reuters) - Distressed world oil prices shuffled higher on Wednesday on a fall in U.S. storage volumes and talks between Iran and Saudi Arabia on how to revive the market. Benchmark Brent was 15 cents up at $11.15 a barrel at 1450 GMT, but this remained well down from last year's average of $13.34, itself a disastrous 40 percent decline on 1997. Most support for glutted markets came from a U.S. Department of Energy report that crude stocks in the world's largest energy market fell 3.2 million barrels in the week to 26 February. That confirmed overnight figures by American Petroleum Institute (API) showing a near six million barrel drop against traders' expectations of a two million barrel build. Sentiment also improved on an Iranian report of a measure of agreement between OPEC rivals Iran and Saudi Arabia on the need for the cartel to raise prices by cutting more output. The official Iranian news agency IRNA said Iranian Foreign Minister Kamal Kharrazi and Saudi Crown Prince Abdullah stressed in talks in Saudi Arabia on Tuesday the need for the cuts and called on non-OPEC producers to help raise prices. IRNA said Kharrazi also met Saudi King Fahd who called for expansion of Tehran-Riyadh cooperation, including on the issue of oil. However the report showed no sign that any firm progress had been made in a heated dispute between the two countries over production policy. Oil ties between Saudi Arabia and Iran have been strained over the sensitive issue of how much volume Iran is obliged to cut under an OPEC pact to rescue collapsed prices. Resolving the issue could pave the way for OPEC to impose new oil production cuts at the cartel's crucial March 23 ministerial meeting in Vienna. United Arab Emirates Oil Minister Obaid bin Saif al-Nasseri said on Tuesday that OPEC producers must fully comply with existing supply curbs before it was worth considering new output cuts. His remarks echoed Saudi Arabia's views that OPEC's poor record of supply restraint cast doubt on the wisdom of new output cut pledges. Prices have yet to draw much comfort from U.S. air strikes on Iraq that have resulted in the stoppage of a northern pipeline carrying around half of its crude exports. Iraq confirmed on Wednesday it had curtailed its oil output after the U.S. attacks and was working around the clock to repair the two affected facilities. Buyers of Iraqi crude are now asking to defer March loading cargoes as fears grow that the attacks will disrupt Mediterranean shipments, a trading source said. "

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