OPEC - enviable position....
Finance - Petroleum Report @ 04/16/99
Date: Fri, 16 Apr 1999 15:52:12 MDT
<Crude oil rose more than 3 percent to a one-year high, as OPEC
members rushed to make output cuts aimed at reviving a market
pummeled by weak demand.
Crude oil for May delivery rose as much as 59 cents, or 3.5
percent, to $17.46 a barrel on the New York Mercantile Exchange,
the highest price since March 23, 1998, when an earlier round of
output cuts was announced.
Contributing to today's price gain was increased consumption of
jet fuel by North Atlantic Treaty Organization aircraft bombing
Yugoslavia, traders said. Some European oil storage companies said
their inventories have had their biggest drop in more than a year,
with the biggest declines in jet fuel.
''The war could take hold as part of the psychology in the
market,'' said Michael Fitzpatrick, a trader at Fimat USA Inc. in
New York. ''There is anecdotal evidence of buyers coming in from
NATO paying above-the-market prices for jet fuel.'' (Bloomberg)>
OPEC and other oil producing Nations are going to have an opportunity
to be TOTALLY in control of the US's oil supplies - they better NOT blow it
this time.... and a nice little war certainly can NOT hurt the price of oil.
The US oil industry has closed wells, shut down production, and cut budgets
for drilling projects. It will take a least 1 year for the big US drillers
to get back into new production... meanwhile, OPEC can RULE in the oil world
while the US struggles to revive their own decimated oil industry.
gggGGGGooooOOOOO PTEN
Like SESI too...
IMO,n |
