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To: AllansAlias who wrote (15815)	9/4/2000 12:11:21 PM
From: patron_anejo_por_favor	Respond to of 436258

Oil moving higher in Zeropean markets: nytimes.com September 4, 2000 Oil Climbs Again Ahead of OPEC Meeting Filed at 9:52 a.m. ET By Reuters LONDON (Reuters) - Overheated oil markets roared higher Monday as dealers grew convinced that any OPEC supply increase agreed at an imminent policy meeting would fail to tame runaway prices. London Brent crude for October had moved 61 cents higher by midafternoon to $32.46 a barrel -- stretching well past the $30 mark oil consumers the world over regard as extortionate. Dealers were hoping OPEC power Saudi Arabia would make a more definite commitment to cool off oil prices during a meeting in New York this week between Crown Prince Abdullah and President Clinton. Likely to take place Wednesday on the fringes of the United Nations Millennium Summit, the session will touch on ways to bring down global oil prices, a U.S. official said Friday. The United States, the world's biggest oil consumer, prefers to see oil prices around $25 a barrel, a price target shared with the kingdom. Washington has been sounding the alarm again over rocketing oil prices and depleted oil stockpiles. Last month fears that U.S. heating oil supplies may fall short this winter pushed Brent to a 10-year high of $32.80 and U.S. crude to within $1 of a new post-Gulf War record. UNFAZED BY SAUDI VOW Oil dealers so far have been unimpressed by Saudi Arabia's vow last week to lift supplies to lower prices. An OPEC delegate said Thursday the kingdom could push for more than an expected 500,000 barrels a day (bpd) cartel output increase when the group meets in Vienna on September 10. OPEC President and Venezuelan Oil Minister Ali Rodriguez expressed confidence Monday that the oil cartel would move to curb high oil prices, but said consuming nations also had a duty to contribute to market stability. ``I'm convinced...that we will see actions necessary to stabilize the market,'' Rodriguez said after talks with his non OPEC colleague, Norwegian Oil Minister Olav Akelsen. Rodriguez has blamed the current oil rally on speculators, high oil consumption taxes, and refinery bottlenecks. Under the terms of its informally-agreed price band mechanism, OPEC is due to raise output by 500,000 barrels per day if its basket price stays above $28 a barrel for 20 working days. Unless prices drop dramatically, that point would be reached Friday. The price of OPEC's basket of seven crudes rose again Friday to $31.73 per barrel from Thursday's $31.71. BAD TRACK RECORD OPEC has already tried and failed this year to knock down soaring oil prices with output increases of 2.4 million bpd. The price rally has spelt misery for worldwide transportation from airlines to truck firms, all struggling with inflated costs. Members of France's leading road haulage federation, the FNTR, blockaded petrol depots and oil refineries across the country Monday in protest of high fuel prices. The prospect of shortages at petrol pumps looms if the protest drags on.