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

To: Gary Burton who wrote (55843)	12/2/1999 6:41:00 AM
From: oilbabe	Read Replies (1) \| Respond to of 95453

Crude Oil Rises as OPEC Discipline Improves in November London, Dec. 2 (Bloomberg) -- Crude oil rose after the world's top oil-exporting nations stepped up their efforts to stick with an accord to restrain output, even as prices near a nine-year high tempted some countries to pump more oil. The 10 members of the Organization of Petroleum Exporting Countries participating in output cuts met 90 percent of their goal in November, up from a revised 84 percent in October, a Bloomberg survey found. The decline was led by lower supplies from Iran, the group's second-largest producer. ``Iran is one country people would have been watching for as a potential cheater' on OPEC quotas, said Jack Kellet, a trader at Credit Lyonnais Rouse Ltd., adding that the report is helping boost prices today. Crude oil for January settlement rose as much as 35 cents to $24.38 a barrel on the International Petroleum Exchange. Crude oil for January delivery on the New York Mercantile Exchange was up 37 cents at $25.37 a barrel in electronic trading. Oil prices have more than doubled in the past year, from a 12-year low, after 10 members of OPEC plus four other nations promised to cut output by some 7 percent for a year starting April 1. That higher price could have led to some countries to pump more oil to boost their export earnings, traders said. Production from all 11 members of OPEC totaled 26.07 million barrels a day in November, down 370,000 barrels a day from a revised 26.44 million barrels a day in October, according to the survey of producers, oil companies and analysts. The report of improved discipline among OPEC members came after Venezuela's oil minister assured oil markets that output cuts would remain in place until March 31, helping end a price drop that started earlier in the week. Prices fell early Wednesday after a report by the Reuters news agency, citing an unidentified OPEC delegate, suggested producers would raise output before March if prices in New York stayed near or above $25 a barrel. ``We're all committed to the cuts until March, when they'll be analyzed,' Venezuela's Ali Rodriguez said yesterday, after returning from meetings with his counterparts from Saudi Arabia, Iran, Iraq, Kuwait and Algeria. ``None of those countries has said anything to the contrary.'

To: Gary Burton who wrote (55843)	12/2/1999 7:37:00 AM
From: Crimson Ghost	Read Replies (3) \| Respond to of 95453

Look for the OSX to take a hit today. BHI down 5% in Europe after the company said demand for some services less than expected.