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

To: Harold S. who wrote (62251)	3/16/2000 11:04:00 AM
From: Post_Patrol	Read Replies (1) \| Respond to of 95453

Crude Oil Falls a 3rd Day as Extra OPEC Supply Seen in April Crude Oil Falls a 3rd Day as Extra OPEC Supply Seen in April New York, March 16 (Bloomberg) -- Crude oil fell for a third day, dropping more than 1 percent, amid expectations that the Organization of Petroleum Exporting Countries will add extra supplies to a lean market as soon as next month. While OPEC already is producing above its agreed ceiling, analysts said the group recognizes that still more oil needs to be pumped. Prices are down 12 percent from last week's nine-year high amid expectations that Iran, which had opposed a rise, has been persuaded that increases are needed sooner rather than later. ``People are now discovering the new math of OPEC output: they are already overproducing a million (barrels a day), and people think they'll produce another 1.5 million' on top of that, said Victor Yu, an analyst at Refco Inc. in New York. Crude oil for April delivery on the New York Mercantile Exchange fell 47 cents, or 1.5 percent, to $30.25 a barrel in electronic trading. The contract was expected to open at similar levels when floor trading begins. Most OPEC members, including Iran and Kuwait, which had insisted on keeping production low, now support an increase, though they have avoided revealing the specific amounts they may propose when the group meets on March 27 in Vienna. ``If you were the Iranians, when everyone else is increasing output, then you kind of have to,' Yu said. Brent crude for April settlement, which expires at the close of business today, was recently down 42 cents at $27.11 a barrel on the International Petroleum Exchange. -------------------------------------------------------------------------------- ¸ Copyright 2000, Bloomberg L.P. All Rights Reserved.