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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread -- Ignore unavailable to you. Want to Upgrade?

To: MrGreenJeans who wrote (25)	7/2/2000 9:50:45 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 10065

MGJ: Like I have said, this oil thing is unpredictable in the short and intermediate term. More on your post: Saudis Talk of Pumping More Oil By FAIZA SALEH AMBAH .c The Associated Press DUBAI, United Arab Emirates (AP) - Saudi Arabia is talking to other producers about pumping more oil in the next few weeks in a bid to bring down prices now at about $30 a barrel, a Saudi oil official said Sunday. The official, speaking on condition of anonymity, said the target was $25 a barrel. Saudi Arabia alone has excess production capacity of 2.3 million barrels per day, which can be put on the market in a short period of time if necessary, the official said. Saudi Arabia is the world's top oil producer and exporter. At a meeting in Vienna last month, the Organization of Petroleum Exporting Countries agreed to increase output by 708,000 barrels a day starting last Saturday. But since the announcement, oil prices have continued to rise. The open-market value of the basket of seven crude oils used by OPEC as a gauge of world oil price levels, averaged $30.10 a barrel Thursday, up from $29.58 on Wednesday, OPEC said Friday. The Saudi economy is 70 percent dependent on oil revenues. Officials fear they will be hurt in the long run if prices remain high. They need stable prices to plan spending, and high prices could reduce demand and spur consumers to turn to alternative fuels. In discussing plans to boost production, the Saudi official would not name the countries involved in the talks or specify the size of the increase that the kingdom was discussing with other producers. Pressure is building in the United States, the world's largest oil consumer and a close Saudi ally, for relief from sharply higher gasoline prices. OPEC oil ministers are set to meet in Vienna, Austria in September. They are not expected to take decisions on oil output before then. OPEC members are Saudi Arabia, Iran, the United Arab Emirates, Kuwait, Qatar, Nigeria, Libya, Algeria, Venezuela and Indonesia. Iraq also is a member but has not participated in recent OPEC production pacts. AP-NY-07-02-00 1928EDT