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

To: Roebear who wrote (48699)	8/1/1999 3:36:00 PM
From: BigBull	Read Replies (2) \| Respond to of 95453

Roebear, OPEC wants oil two bucks higher. gulf-times.com DUBAI: Kuwait's Oil Minister Saud Nasser al-Sabah has said he still wants a rise in oil prices, despite benchmark crude reaching 20-month highs, a newspaper reported yesterday. "The average price is still below the desired level," he told the Saudi-owned newspaper Al-Hayat on the sidelines of a meeting of Opec's market monitoring committee in Vienna, without saying what price he was seeking. Iran's Oil Minister Bijan Namdar Zanganeh, the head of the committee, said the cartel "must seek a price of $21 a barrel for the Opec basket before taking any decision on changing Opec's reduction agreement." Opec in March decided to shave some 1.7mn barrels per day (bpd) off its total production. The committee on Friday recommended maintaining those cuts until the agreement ends in March next year. The Opec reference basket of seven crudes reached as high as 19.15 dollars per barrel this week, far above the historic lows seen during the oil-price crunch that ended with the March decision to cut production. North Sea Brent benchmark crude in London reached 19.91 dollars on Friday, while on the New York Mercantile Exchange (Nymex), light sweet crude prices for September bubbled up to 20.97 dollars a barrel. Zanganeh said compliance with the cuts, which began in April, now stood at "93%, compared with 80% earlier in the year," but he said he remained convinced that 100% compliance could be achieved. In a written statement after their meeting, the committee warned producers against complacency and urged continued compliance with the cuts. "The members of the sub-committee strongly cautioned against complacency and emphasised the importance of continued strict adherence to agreed production levels," the statement said. Non-Opec producers Mexico, Oman, Norway and Russia joined the cartel in its cuts, taking the total to 2.1mn bpd. The sub-committee will meet again in September ahead of the six-monthly Opec ministerial committee, which begins on September 22. - AFP