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

To: Broken_Clock who wrote (53476)	10/24/1999 8:34:00 PM
From: oilbabe	Respond to of 95453

Doha, Qatar, Oct. 24 (Bloomberg) -- Venezuela, the world's fifth-biggest oil producer, and Qatar said OPEC won't abandon self-imposed output cuts before the end of March that have helped oil prices to more than double this year. Venezuelan President Hugo Chavez met Qatar's Emir Sheikh Hamad bin Khalifa al-Thani in Doha yesterday during a 12-hour stop-over on his way to Europe from Asia. The two leaders reaffirmed the Organization of Petroleum Exporting Countries' ``commitment and seriousness' to ``guarantee stability and growth of the oil market to the benefit of producers and consumers.' Benchmark Brent crude oil has risen to $22.93 a barrel from less than $10 in December as 10 members of OPEC and four other nations agreed to cut world oil output by a total of about 7 percent for one year, starting on April 1. The heads-of-state met in the Qatari capital after several of the world's top oil exporters said last week they may extend limits on production beyond March to keep prices high. Oil producers are reluctant to relieve production cuts before removing a global oil glut that caused prices to slide to a 12- year low in December. According to a Bloomberg survey, OPEC made 92 percent of its promised oil output cuts in September, down from a revised 94 percent in August.