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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (40853)	2/20/2000 8:02:00 PM
From: Les H	Respond to of 99985

OIL PRODUCTION WILL NOT INCREASE SAYS OPEC MINISTER Broadcast at 1730 GMT on 15 February 2000 on BBC Oil has been hitting $30 a barrel in some markets - a price not seen for nine years. The average tends to be around $27. In March last year when members of the Organisation of Oil Producing Countries decided to cut back production it was around $10 a barrel. So OPEC has succeeded in its aim of increasing oil revenues - and now the world is hoping members of the cartel can ease up and let out a few more million barrels. There is some pressure from a couple of producing nations for that to happen. But from what Dr. Shokri Ghanem - Acting Secretary General of OPEC - told Sally Hardcastle an increase in oil production is unlikely soon when OPEC meets in late March.