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

To: Tomas who wrote (60826)	2/24/2000 6:56:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Arab Oil Ministers See No Need to Increase Output, Oman Says By Sean Evers Muscat, Oman, Feb.24, 05:07 (Bloomberg)-- Arab oil ministers from the Persian Gulf yesterday saw no need to increase crude output in April, though tightening inventories or a surge in prices could lead OPEC to pump more oil, a member at the meeting said. The Gulf Cooperation Council, which includes Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Oman and Bahrain met yesterday and said only the group would ensure oil prices remain in check. Some analysts had expected the group would recommend the Organization of Petroleum Exporting Countries boost output. ``We studied the issue of increasing production,' said Mohammed al-Rumhy, Oman's oil minister, Oman's official ONA news agency reported. ``However, figures showed that there isn't a need to increase at present. The next few weeks will decide the future of the oil markets.' ... ... ... Some analysts argue demand in the second quarter will be strong enough to convince OPEC to raise output. ``On average, the second quarter is a strong quarter in terms of price because refineries tend to process more crude than at any other time of year, in anticipation of the U.S. summer driving season,' said Mohammed Abduljabbar, an oil analyst with Washington-based Petroleum Finance Co. ``The second quarter might be a low-demand season for final products, but it's a big demand period for crude oil.'