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To: Terry D who wrote (58966)	1/23/2000 3:58:00 PM
From: Crimson Ghost	Respond to of 95453

Saudis talking out of both sides of their mouth? Perhaps this is why so many feel crude will drop back to the low twenties Subject : Oil producers could take steps to halt price rises: Riyadh Date : Sat, 22 Jan 2000 7:40:20 PST From : C-afp@clari.net (AFP) Keywords : RIYADH, Jan 22 (AFP) - Oil producers could take measures to stem the rise in crude prices on the international market, a senior Saudi oil official told AFP on Saturday. The official, who asked not to be named, said the dramatic increase in prices was "unjustified" and "due to speculation," predicting that it would not last. "Producer countries do not want an abnormal rise in prices. They could resort to measures to stabilise them in case of a shock caused by further manipulation of the markets by speculators in seach of immediate profits." The Saudi official did not specify what steps nor at what level producers could intervene, but stressed that exporters were "still respecting the production cuts decided up until March." The United Arab Emirates, another Gulf producer and fellow member of OPEC, said in December that the taps could be opened if prices hit 30 dollars a barrel. Oil prices scaled new peaks this week, bursting through the 26-dollars-per-barrel threshold on continuing strong demand and hopes that a producer output cut agreed last year will be extended beyond March. The Brent North Sea reference crude rose to 26.76 dollars a barrel for March delivery on the International Petroleum Exchange in London from 25.21 dollars last week for February. The official in Riyadh said that contacts were under way between oil producers, and that Saudi Oil Minister Ali al-Nuaimi was to meet here Tuesday with his Norwegian counterpart Marit Arnstad. At the end of January, Nuaimi is to hold talks on the sidelines of the Economic Forum in Davos, Switzerland, with US Energy Secretary Bill Richardson, he said. The US secretary was also to meet the Kuwaiti and Venezuelan oil ministers. -=-=- C O P Y R I G H T * R E M I N D E R This article is Copyright 2000 by Agence France-Presse. All articles in the clari.* news hierarchy are Copyrighted and licensed to ClariNet Communications Corp. for distribution. Except for articles in the biz.clarinet newsgroups, only paid subscribers may access these articles. Any unauthorized access, reproduction or transmission is strictly prohibited. We offer a reward to the person who first provides us with information that helps stop those who distribute or receive our news feeds without authorization. Please send reports to reward@clari.net. [Use info@clari.net for sales or other inquiries.] Details on the use of ClariNet material and other info can be found in the user documentation section of <> . Copyright 2000 by Agence France-Presse (via ClariNet)