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To: Tomas who wrote (58695)	1/19/2000 10:04:00 AM
From: SliderOnTheBlack	Respond to of 95453

Tomas - nice post; re: Nat Gas is now in a "Just in Time" enviornment !?!? ... that makes for some interesting thinking.

To: Tomas who wrote (58695)	1/19/2000 10:09:00 AM
From: hdrjr	Read Replies (1) \| Respond to of 95453

FGH up 7/8 on 400,000 in early trading

To: Tomas who wrote (58695)	1/19/2000 10:16:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Venezuela not interested in spare oil capacity - "every barrel of daily output capacity cost $2,000 per day to recover" Venezuelan Energy and Mines Minister Ali Rodriguez said Tuesday he was not interested in maintaining a large excess oil production capacity. "I am not interested in maintaining over-capacity that implies a cost and makes my production more expensive without fulfilling any real function," Rodriguez said in an interview on the local Televen television network. State oil company Petroleos de Venezuela (PDVSA) has allowed capacity to fall by 300,000 barrels per day (bpd) in 1999 from 600,000 bpd and the company is discussing another cut of 200,000 bpd this year. Last year Venezuela cut its oil output by 600,000 barrels per day (bpd), or 20 percent, to 2.7 million bpd to comply with a global supply cut it crafted along fellow OPEC member Saudi Arabia and non-OPEC oil producer Mexico that has helped drive oil prices to nine-year highs. Asked by how much Venezuela, the world's No.3 oil exporter, could increase output now, Rodriguez said he could not say. Saudi Arabia, the world's No.1 producer, claims to maintain about three million bpd capacity above its 7.5 million bpd production. Spare capacity is used by OPEC cartel members to support arguments for a larger share of any quota increases in the 11-member group. Former PDVSA chief economist Ramon Espinasa, who left the company last month, said every barrel of daily output capacity cost $2,000 per day to recover, so a drop of 500,000 bpd would require $1 billion in investment. ... canoe.ca