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Gold/Mining/Energy : Oil & Gas Price Economics -- Ignore unavailable to you. Want to Upgrade?

To: Alan Brezin who wrote (159)	8/29/1999 11:02:00 PM
From: SDR-SI	Read Replies (1) \| Respond to of 350

Alan, I guess we'll have to decide whether to blame those ancients who discovered spending, or those who discovered taxes, or those who discovered that fact that with the latter there's no need to limit the former. Apparently those universal lessons have been passed down little changed for generations. Steve

To: Alan Brezin who wrote (159)	9/12/1999 9:57:00 PM
From: Ed Ajootian	Respond to of 350

OPEC Set To Keep Oil Cuts Unchanged Until March By Ashraf Fouad Sep 12 4:35pm ET KUWAIT (Reuters) - OPEC President Youssef Yousfi said Sunday there was consensus among OPEC members to maintain production cuts until March 2000 even if world oil prices continued to rise. Yousfi, who is also Algeria's oil minister, said the one-year April 1, 1999, oil cuts accord would stay in place. 'In my opinion there is no need to reconsider the cuts before March 2000 and there is unanimity on this within OPEC.' A supply glut took crude prices to below $10 a barrel in February, but they have since more than doubled on the back of the production cuts. Yousfi was speaking to reporters in Kuwait on his arrival from the United Arab Emirates as part of a Gulf Arab tour to coordinate stands ahead of OPEC's meeting on September 22 in Vienna. He refused to say if he would meet in Saudi Arabia later this week with Iranian Oil Minister Bijan Namdar Zanganeh, who is currently on a private visit to the kingdom. Kuwait's Oil Minister Sheikh Saud Nasser al-Sabah backed Yousfi's remarks on the cuts and stressed they would remain unchanged. ``What we have said is clear and I wish that the media does not cast doubts over it. The accord was signed to last up to March 2000, there is no room for bilateral meetings or reconsidering this agreement,' he said. ``This policy, the pledge and abidance are continuing and are comprehensive up to March 2000,' he added. But Sheikh Saud, seen as a price hawk, refused to comment on earlier reports that Kuwait might ask fellow OPEC states to extend the duration of the cuts accord beyond next March. He said at the end of the period, OPEC would review the accord. ``We are going to consider two main issues: stocks and the average oil price during an entire year. Talk of amending the accord...is baseless. The issue is very clear for us.' Yousfi said earlier Sunday oil stocks were still too high for the 11-member OPEC to consider lifting production restraints when ministers met in Vienna. He refused to comment on reports that he might seek the post of OPEC secretary-general as a compromise candidate for a job also sought by a Saudi and an Iranian. ``Algeria, like all OPEC members, is not ready to see (this issue) create a problem within the organization. Coordination is aimed at how to unify OPEC and walk on the same path which we have started in March 1999,' he said. When asked if Kuwait had already decided to back one of the candidates, Sheikh Saud said: ``This matter will be resolved in a brotherly and amicable fashion...This issue is not one of discord inside OPEC. God willing, this issue will be resolved in a way acceptable to all.' Nigeria's Rilwanu Lukman is current secretary-general