Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: hdrjr who wrote (52745)	10/10/1999 12:06:00 PM
From: oilbabe	Read Replies (1) \| Respond to of 95453

OPEC to Retain Oil Output Cuts Until at Least March, Iran Says Tehran, Oct. 10 (Bloomberg) -- The Organization of Petroleum Exporting Countries will maintain self-imposed oil output cuts until at least the end of March to end a global oil glut and boost prices, Iranian Oil Minister Bijan Namdar Zanganeh said. OPEC and four non-OPEC producers pledged earlier this year to reduce world oil output by more than 5 million barrels a day, or about 7 percent, for one year, starting April 1, to boost prices that hit a 12-year low last December. The producers reaffirmed their commitment at a meeting in Vienna on Sept. 22. Crude oil in New York fell almost 7 percent to $20.90 a barrel on Friday, the biggest one-day drop in 10 months, after reports that the world's top producers weren't sticking to their promised production cuts. Prices slumped 15 percent last week.``We haven't yet achieved a stable market,' said Namdar Zanganeh. ``The recent price development indicates that the decisions of OPEC to maintain its production ceiling at least until the end of March 2000 was correct.' OPEC made 92 percent of its promised oil output cuts in September, 2 percent less than in August, according to a Bloomberg survey of oil executives and analysts last week. Other news services showed similar increases, signaling reduced compliance with pledged output limits at a time when prices were at the highest level in 2 1/2 years. Iran's Zanganeh rejected reports of a fall in OPEC's compliance levels. ``The high spirit of cooperation and responsibility which persists among OPEC member countries ensures the continued implementation of their pledged cuts,' he said. Many producers prefer to regard production on a quarterly basis, ironing out monthly fluctuations. By this standard, OPEC's third-quarter compliance reached 93 percent, with 88 percent compliance for the second quarter. The oil ministers of Saudi Arabia, the world's biggest oil producer, Venezuela, and Mexico will review compliance levels when they meet in Riyadh next month, Agence France-Presse reported.