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

To: Tomas who wrote (53622)	10/27/1999 9:55:00 AM
From: inchingup	Respond to of 95453

GLBL on the move. (eom)

To: Tomas who wrote (53622)	10/27/1999 9:57:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

JoeDi on the DOE case: numbers out - heavy draw on products, much much lower crude build. messages.yahoo.com

To: Tomas who wrote (53622)	10/27/1999 10:40:00 AM
From: Tomas	Read Replies (2) \| Respond to of 95453

An average oil price of $21-$22 a barrel for the year "would be acceptable", but year-to-date average price still remains at $15 a barrel... Kuwait Expects OPEC to Extend Oil Cuts Beyond March, Paper Says Kuwait, Oct. 27 (Bloomberg) -- Kuwait's oil minister Sheikh Saud Nasser al-Sabah said the Organization of Petroleum Exporting Countries is likely to extend self-imposed oil output cuts beyond their expiry at the end of March if global supplies remain high, the Saudi Arabian-owned Al-Hayat newspaper reported. There is ``a view to prolong' the existing agreement if output cuts don't end the global oil glut and boost prices to ``the required level,' he said. An average oil price of $21-$22 a barrel for the year ``would be acceptable' to Saudi Arabia, Kuwait, the United Arab Emirates, and Qatar, he said, and added that the year-to-date average price still remains at $15 a barrel. Benchmark Brent crude oil prices have soared to $22.70 a barrel from a 12-year low of less than $10 a barrel in December as 10 members of OPEC and four other states agreed to cut world oil output by a total of 7 percent for one year, starting April 1, in order to end a world oil glut. (Al-Hayat 10/27) bloomberg.com