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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: John Doyle who wrote (46269)	6/11/1999 9:05:00 AM
From: diana g	Read Replies (3) \| Respond to of 95453

More From IEA (---You'll LOVE this!!! --d) biz.yahoo.com <<<Friday June 11, 8:31 am Eastern Time IEA says oil company mergers limit supply flows LONDON, June 11 (Reuters) - International oil companies are maintaining such a tight leash on spending that concerns are rising for the impact on world oil supplies, the West's energy watchdog, the International Energy Agency, warned on Friday. Last year's slump in oil prices and the industry merger rush that followed had caused a significant change in oil company strategy, the Paris-based agency said in a report. ''From the new supermajors to small independents, the experience of the last couple of years has resulted in a major shift in emphasis from volume growth in production and reserves to profitability performance,'' it said in a special feature attached to its monthly Oil Market Report. Even though crude prices have recovered significantly from their winter low-point, budgets were likely to be restrained for this year and next, the report said. ''The budget cuts had a dramatic effect on non-OPEC production in 1998 and 1999,'' it said. ''The (supply) declines have been much steeper than expected and projected decline rates have been steadily increased,'' it added. The warning comes as antitrust authorities in the European and the United States announced full investigations into the proposed merger between Exxon (NYSE:XON - news) and Mobil (NYSE:MOB - news) and newly-merged BP Amoco's (quote from Yahoo! UK & Ireland: BPA.L) purchase of U.S. ARCO. Of particular concern was the performace of mature oilfields in the United States, Canada and the North Sea, the report said.>>>