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

To: chowder who wrote (62812)	3/24/2000 6:05:00 AM
From: chowder	Read Replies (1) \| Respond to of 95453

The Moment Of Truth Is Near! This coming Monday will determine the fate of OPEC the cartel and the short-term future of the oil patch. We will know whether the future of oil is to be determined by politics or market economics. OPEC has controlled the price of oil because they have stood together, as a cartel, to control inventory levels and in essence, the price of oil. It has been said that once a cartel starts making decisions about production levels because of politics instead of making decisions that maximizes revenues for the cartel, then the cartel in essence loses it power. OPEC can't control the price of oil unless the larger members of the cartel, (Saudi Arabia and Venezuela), are willing to adjust their levels of production to offset the production of the smaller countries whose countries depend on oil revenues as much, if not more, than the larger members of OPEC. Will Saudi Arabia and Venezuela be willing to adjust their production levels and expose themselves to losing market share? If OPEC agrees to increase production to Washington's preferred target, (2 - 2.5 million barrels per day), then with the cheating that will more than likely continue, can we expect the price of oil to decline below $20 per barrel? The moment of truth is near! Does OPEC do "what is right" for OPEC, or do they cave in to political pressure form the US and give up their power as a cartel? This is what we've been waiting for. In 3 days the time for talking will be over. It will be time for action! Are you ready? The moment of truth is near............ dabum