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

To: Tomas who wrote (59977)	2/8/2000 8:39:00 PM
From: Tomas	Respond to of 95453

"Even at a $28 or $29 (a barrel) nominal prices, oil isn't any higher than it was 30 years ago, so consumers don't have much of a complaint here." Conoco's Dunham on Oil Prices By Terence Flanagan Houston, Feb. 8 (Bloomberg) -- The following are comments by Archie Dunham, chief executive of Conoco Inc., the fourth-biggest U.S. oil company. He spoke at Cambridge Energy Research Associates' CERAweek conference in Houston. ``OPEC has done a good job of managing production. They have decided to look at inventories instead of forecasting demand for the next one to four quarters. They've been wrong on demand forecasts before, so they've learned that looking at inventories is better than waiting for demand to increase.' ``Even at a $28 or $29 (a barrel) nominal prices, oil isn't any higher than it was 30 years ago, so consumers don't have much of a complaint here.' ``Politically, OPEC is sensitive to the U.S. attitude toward energy prices, especially in an election year. I would anticipate OPEC boosting production in the fourth quarter - but not until then - and with anticipation of that happening, oil prices will trend down this year.' Crude oil traded on the New York Mercantile Exchange, which has averaged $27.26 a barrel so far this year, will likely average $24 to $25 a barrel for the full year, Dunham said.