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To: Hawkmoon who wrote (36918)	7/9/1999 10:48:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 116756

I think the price of Oil is over stretched. Call it July 4 price parley. I think the Y2K effect in Asia, and Euroland will crack their currencies, and the DXY0 is already reflecting that. A run to 120 is already underway for the DXY0; as I suggested just a 3 weeks ago would happen around NOW. The stagnation of the POG may cause further demise, < $250 is now VERY possible. decisionpoint.com China, ahhh china... I wonder. Could they surprise us. Do you remember about 1 month ago that I said the next Asain crisis has started? Tis going to be fun, the remaining part of the year. Time to become very accurate with those trades, and don't take long. Hutch PS: I agree, those pumps will be cranking the black juice as fast as they can.

To: Hawkmoon who wrote (36918)	7/9/1999 11:25:00 PM
From: long-gone	Respond to of 116756

<<I wonder how many of those oil producers are hedging the heck out of their production right now??>> On Bloomberg TV they said some producers were unwinding forward sold positions.

To: Hawkmoon who wrote (36918)	7/10/1999 4:20:00 PM
From: goldsnow	Respond to of 116756

Venezuela Sees OPEC Oil Cuts To March 02:11 p.m Jul 10, 1999 Eastern By Mehrdad Balali TEHRAN (Reuters) - Venezuela's Deputy Energy and Mines Minister Alvaro Silva said Saturday his country did not expect OPEC to ease oil production limits before March 2000. ''Commitments will stay in place until March and then it can be discussed again,'' he told Reuters in an interview during an official trip to Tehran. OPEC and other major world producers reached a deal in March to cut production by just over two million barrels per day (bpd) in their latest effort to revive oil prices. The world oil market is making a strong recovery -- prices tested 19-month highs Friday, with London futures for benchmark Brent blend crude closing 28 cents up from Thursday's close at $18.52 a barrel. Some oil industry analysts had expressed concern that some OPEC states may be tempted to violate production quotas if prices rise too high too fast. But strict compliance with the production curbs, which expire on April 1, 2000, has driven price recovery. Bolstered by three rounds of output limits since last year, oil prices have almost doubled in the last five months. But even so, Brent blend crude has only just reached the bottom of OPEC's target range of $18-$20. Silva said Venezuela believed OPEC members would stress the need to maintain supply restraints at current levels at the group's next meeting. ''We expect to see oil ministers of OPEC emphasize this position in their September meeting,'' Silva added. ''The reduced quotas should remain at the present level so that prices do not fall,'' he added. ''We also believe it is not appropriate to have prices too high.'' While agreeing that OPEC should stick to its production agreement, Venezuelan Energy and Mines Minister Ali Rodriguez said in April that the group should implement orderly production increases when prices and demand rise, just as it agrees cuts when prices fall too low. Silva is in Iran on the first leg of a tour of fellow OPEC members nations to seek consensus on holding an OPEC heads of state summit in Caracas. He is due to meet Iran's President Mohammad Khatami Saturday night after earlier talks with officials including Oil Minister Bijan Zanganeh and Iran's OPEC governor, Hossein Kazempour Ardebili. ''From the meetings I had today with Iranian officials, I realize that the Iranian government fully supports the summit...All indications say he (Khatami) is coming,'' said Silva. ''Based on my information, all heads of state will take part in the summit. In our consultations with diplomatic missions, we saw no opposition. We hope to receive all of the heads of state in OPEC,'' he added. Earlier in the day, Iranian Foreign Minister Kamal Kharrazi backed Caracas' call to hold the summit in a meeting with Venezuela's Deputy Minister of Foreign Relations Jorge Valero, who is accompanying Silva on the OPEC tour. Copyright 1999 Reuters Limited. All rights reserved