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

To: Think4Yourself who wrote (64220)	4/10/2000 7:14:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

Saudi Arabia Warns of Oil Cutback if Price Slide Continues RIYADH, Apr 10 (dpa) - Saudi Arabia, the world's largest oil exporter, circulated reports Monday that it may restore the production cutbacks it gave up 10 days ago if the prices of crude oil continue to slide on the international market. An official source who asked not to be identified said that Saudi King Fahd and Crown Prince Abdullah have issued instructions to their Oil Minister, Ali al Nuaimi, to oppose any further production hikes at the scheduled June 21 ministerial conference in Vienna by the Organisation of Petroleum Exporting Countries (OPEC). "If the prices continue falling, Saudi Arabia will ask producers inside and outside OPEC to cut production in order to restore a reasonable price for oil," the source told the Deutsche Presse- Agentur dpa. The price of the marker Brent crude for May delivery tumbled earlier in the day to 22.40 dollars per barrel, the source noted. Al Nuaimi said after last month's Vienna meeting that the kingdom would watch a three-factor equation on the market to attain stability and defend a price range of 20-25 dollars per barrel, which it sees as "conducive to the interests of both producers and consumers alike". He said these factors were supply, demand and the level of inventory buildup by the industrialised nations to guard against inventories being used excessively to push down prices. The Vienna meeting suspended as of the beginning of April production cutbacks amounting to 1.7 million barrels daily. These cutbacks, introduced exactly one year ago, had managed to resuscitate the price of oil from less than 10 dollars per barrel to more than 30 dollars per barrel. Several OPEC ministers have expressed fears that the latest production boost may be premature and would lead to a collapse of prices, along the pattern experienced following OPEC's 1997 decision in Jakarta to raise its production ceiling.