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

To: hdrjr who wrote (64344)	4/11/2000 8:30:00 PM
From: Think4Yourself	Respond to of 95453

Qatar's Salman on OPEC Price Band, Recent Slump: Comment By Mohammed Tarek, Doha, Qatar Doha, Qatar, April 11 (Bloomberg) -- Following are comments by Ramzy Salman, senior adviser to the Qatari oil minister, on a price range of $22 to $28 for crude oil that the Organization of Petroleum Exporting Countries favors, and on a recent fall in oil prices: ``At OPEC's ministerial meeting on March 27, many OPEC countries said they feared an increase in production could trigger a swift collapse of prices, and June 21, the date of the next OPEC meeting, could be late for taking suitable procedures.' If prices rise above or fall below the band, ``OPEC should raise or reduce production by 500,000 barrels (a day) in order to maintain prices within the set range. This amount should be proportionately distributed among OPEC members and OPEC's current president has the authority, in consultation with the OPEC secretary general, to take the decision of changing the ceiling, and OPEC members should comply.' On the fall of oil prices that followed the OPEC meeting: ``The fall does not reflect the real market. It is more psychological than real, as producers increased output for April delivery, quickly creating a surplus that cannot be absorbed immediately because most refineries have already completed their April plans.' ``The market now is balanced as concerning supply and demand factors, and most of the recent increase in production is expected to go to inventories, not daily use.' ``Prices are not expected to stabilize before two months from OPEC's March agreement, to give producers time to deliver their oil, and to test OPEC members' compliance and the new price-band mechanism.'