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: Big Dog who wrote (43202)	4/25/1999 10:28:00 AM
From: Crimson Ghost	Read Replies (2) of 95453

The fact that the same speculators who were short crude near the low now are heavily long gives me a sesne of foreboding. Interesting item from Irna: thr 008 oil-experts no optimism in continuation of oil price hike: expert vienna, april , irna - oil experts believe that in the light of the current developments in the world market, preservation of oil prices at high rates can no more be trusted. a source close to the organization of petroleum exporting countries (opec) told irna here friday that remarkable oil price hikes in recent weeks should not give rise to the speculation that the status quo will continue in the long run. a more careful examination at the oil market further reveals that the soaring prices will result in the reactivation of oil fields which, in return, will once again disturb the balance between supply and demand and thus push the market towards a new era of oil price slump, the source added. the expert advised oil producing countries to take a lesson of market developments in the past year and not to make long-term planning on the basis of over-estimated prices. he said that due to the diversity of political and economic factors which influence the oil market, it is hard to forecast prospects of oil prices in future. today, neither opec nor multinational companies can claim to have control over prices, he said, adding that emergence of unexpected developments in the market can disturb all calculations and forecasts in this regard. he said economic stagnation in southeast asia in 1998 is a clear example of such unexpected developments which drastically affected the oil prices. the expert further recommended oil producers to make prudent assessments over market balance in view of supply and demand, adding that current prices are not so stable to encourage optimism about continuation of the present situation. he said unilateral production cut by opec or certain oil producing states will not prove effective in the long run, adding that this policy will come to fruition only when it is applied collectively or by the majority of oil producing countries. stressing that today oil is not a reliable factor in international economy, the expert advised oil-dependent countries to adopt oil free policies in their planning in the long run. ns/ks end ::irna 24/04/99 11:48

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