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

To: Harold S. who wrote (53480)	10/25/1999 6:13:00 AM
From: oilbabe	Read Replies (2) \| Respond to of 95453

Brent up .29 this am... Crude Oil Seen Higher as OPEC Production Cuts Could Cause Supply Shortage London, Oct. 25 (Bloomberg) -- Crude oil is expected to open higher as output cuts by the world's biggest oil-exporting countries could cause a shortage of oil in the northern hemisphere over the coming winter months, traders said. Crude oil for December delivery is seen opening 25 cents higher from $22.93 a barrel on the International Petroleum Exchange, traders said. Crude oil for December delivery on the New York Mercantile Exchange closed on Friday at $23.45. Venezuelan President Hugo Chavez and Qatar's Emir Sheikh Hamad bin Khalifa al-Thani yesterday reaffirmed the Organization of Petroleum Exporting Countries commitment to maintaining self- imposed output cuts until March. The cuts, equal to about 7 percent of world supply, have helped oil prices more than double this year since falling to a 12-year low in December. ``OPEC cuts are starting to decrease stocks,' said Christopher Bellew, a broker at Prudential Bache (Futures) Ltd. ``Oil prices will gradually rise to and surpass September's highs,' he said. U.S. inventories of gasoline, produced from crude oil, dropped 1.48 million barrels to 203.83 million barrels, the American Petroleum Institute said last week, a sign of strong demand from drivers. Traders expected a gain of as much as 800,000 barrels. Crude oil inventories were little changed. A rally in oil prices to almost $24 at the end of last month has been driven by a cut in daily world supply of about 5 million barrels by 10 of OPEC's 11 members, plus four other nations, for one year, starting last April 1. Surveys earlier this month showed OPEC members' compliance with those cuts was about 92 percent in September, down from 94 percent in August. Surveys on compliance in October will be produced in early November.