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

To: Roebear who wrote (50098)	8/31/1999 8:57:00 AM
From: diana g	Read Replies (2) \| Respond to of 95453

A quick calculation tells me that brent would have to average approx $33 for the remainder of the year for this $21 avg to be accomplished. That being unlikely, the statement would seem to be an indication that for the time being there will be no move to hold down price. This fellow who made the statement is an Iranian "advisor", not an OPEC official. We'll see what happens. Might be a calculated move; Might be a misunderstanding. It could be a way to justify letting the oil price rise in spite of the $18-20 band target in order to draw down stocks. Letting the market know that "This is happening now for this reason, but after stocks are drawn down we want a stable $18-20." In any event, it seems pretty certain that producers will be holding the line on the cuts at least till March. regards, diana