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: upanddown who wrote (44538)	5/12/1999 8:31:00 AM
From: BigBull	Read Replies (3) of 95453

John, Pretty good news on Saudi June cuts. Seems to confirm your post about oversupply in Europe though. Cutting 21% in the US and 35% in Europe sounds fairly rigorous to me. Buy the dips. biz.yahoo.com The June cuts, repeating harsh curbs made to May supply, appear to take Saudi Arabia beyond its pledge to cut back 1.3 million barrels per day (bpd) -- 15 percent of its supply -- as part of OPEC's March agreement to boost oil prices. State Saudi Aramco's swingeing 35 percent sales cut below standard contract volumes to major European customers targets the region where Saudi crude profit margins are at their lowest. Saudi Arabia confirmed its intent to stop the key Atlantic Basin market from lurching back into oversupply by cutting export volumes to the United States by 21 percent.

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