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

To: Think4Yourself who wrote (72823)	9/10/2000 9:56:34 AM
From: Second_Titan	Respond to of 95453

Effective increase of ~200 kbpd will produce a selloff? Anything is possible, but the name of the game is show me the stock levels and more specfically the product levels. Vienna, Sept. 10 (Bloomberg) -- The following are comments by Roger Diwan, director of global oil markets at the Washington- based Petroleum Finance Co. on a decision by the Organization of Petroleum Exporting Countries to raise output quotas by 800,000 barrels a day. ``This will probably produce a little sell off. ``At best they'll bring the price back to the high end of the band (of $22 to $28 a barrel). ``This is a good wait-and-see position for OPEC. ``800,000 barrels a day is a little more than the market expected and still less than what would trash the market. The Saudis can still act independently if needed. ``You might have a couple of hundred thousand new barrels a day,'' he said, estimating OPEC is currently overproducing at 600,000 barrels.