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

To: Wowzer who wrote (48453)	7/26/1999 10:26:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

New York--Jul 26--NYMEX energy futures are seen lower in profit taking following Friday's technical surge in prices. The market is also pressured by news that both Nigeria and Iraq want to raise oil output despite Venezuela's oil minister's warnings against this "dangerous temptation." London's IPE Brent also drifted lower today after posting a 20-month high Friday. * * * Venezuela oil minister Ali Rodriguez said that "in the past OPEC has committed the grave error" of cheating on production cuts once the decreased output helped to push up world oil prices. (Story .12274) However, Nigeria seems to be ignoring Rodriguez's warning. The Nigerian government asked Mobil Producing Nigeria (MPN) to hike its crude oil output by 20,000-30,000 barrels per day to 493,000 bpd in July to compensate for output shut-in by community disturbances at other firms' operations in the country, a Mobil spokesman said. The request that MPN, a subsidiary of the US' Mobil Corp., increase its output comes amid continuing community disturbances in the Niger Delta, which have affected oil output. (Story .13412) Iraq also plans to raise its crude oil production to 3.5 million barrels per day in order to become the 2nd largest OPEC oil exporter, according to Oil Minister Amer Rashid. "Iraq will continue to raise its crude production...to reach 3.5 million bpd by next year," Rashid was quoted as saying today by the official Iraq News Agency. "In doing so, Iraq is aspiring to become OPEC's 2nd largest crude exporter this year or next," he added. (Story .12462) More Sept crude weakened in Access trade, dipping 18c to a low of $20.45. The contract is expected to test support at $20.30. "I think this market is pressured with Nigeria and Iraq but things were starting to get toppy anyway," a broker said. "A lot of people went home long Friday and are going to take profits today. NYMEX Sep crude ended the overnight Access session down 11c at $20.52. Aug heating oil ended down 14c at 51.33c, while Aug gasoline was last bid at 61.90 and last offered at 62.35c.