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To: Tomas who wrote (53886)	11/2/1999 5:52:00 PM
From: Tomas	Respond to of 95453

The first OPEC estimate came today from Geneva-based oil research firm PetroLogistics Ltd., which said OPEC produced 26.5 million barrels a day in October, up 300,000 barrels a day from September. The 10 OPEC members that agreed last March to cut production achieved 85.5 percent of their output-reduction goals, based on figures in the PetroLogistics report. Independent forecasts last month covering September output ranged from about 85 percent to around 92 percent of OPEC's goals. Some analysts cautioned that too much attention is placed on the percent changes. ``At the end of the day, production is measured in barrels a day, not in percentage terms,' said John Saucer, an analyst at Salomon Smith Barney in Houston. ``In the old days, 65 percent would have been considered good for OPEC.' Saucer said that while OPEC output, including Iraq, ``has been creeping up since June,' the cutbacks are still taking their toll on inventories, and prices will eventually rise back to late September's 2 1/2-year high of $25.12 a barrel. From Bloomberg Energy News, November 2