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

To: Roebear who wrote (53275)	10/20/1999 10:17:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

"OPEC's cutbacks could cause the largest oil stock draw-down in history over the next 4 months" Kuwait, Oct. 20 (Bloomberg) -- The Organization of Petroleum Exporting Countries is expected to extend self-imposed oil output cuts until the end of June, three months beyond their current expiry date, a Kuwait oil official said. Kuwait "expects the current cuts to be extended until at least the end of the second quarter," said a Kuwait oil ministry official, Kuwait's official KUNA news agency reported. "OPEC could increase production in the third quarter next year after it makes sure global oil stockpiles are reasonable," he said. Kuwait, the most vocal of OPEC's 11-members in calling for oil output cuts over the last 18 months, has said April would be a bad month to boost oil output because it's traditionally one of the weakest times of the year in terms of demand. Oil producers are reluctant to relieve production cuts before removing a global oil glut that caused prices to hit a 12- year low in December, analysts said. "OPEC's cutbacks could cause the largest oil stock draw- down in history over the next four months as winter kicks-in," said Mark Keenan, a broker with Prudential-Bache (Futures) Ltd. "We expect U.S. stocks to be reduced to 278 million barrels by the end of the year," he said.