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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (22653)	9/28/2000 1:46:07 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

What's next? Bubba to give a rundown on the MACD, stochastics and oscillators at his press conferences? dailynews.yahoo.com Thursday September 28 1:29 PM ET Oil Under $30 As Saudi Vows Stable Prices LONDON (Reuters) - Oil prices eased on Thursday after assurances by Saudi Arabia, the world's biggest producer, that it would pump whatever volume was needed to quell this year's relentless price rally and bring stability to the market. ``The kingdom is willing and ready to offer the amount necessary to stabilize the world oil market,'' Saudi Crown Prince Abdullah told a heads of state summit of the OPEC (news - web sites) producers' group in Caracas, Venezuela. London Brent crude futures slipped 74 cents to $29.80 a barrel and U.S. light crude was off 76 cents at $30.70. Prince Abdullah, who has day-to-day charge of OPEC's dominant power, called on crude importing nations to play their role in easing sky-high prices by reducing taxes on fuel. Saudi Arabia previously has said it would prefer $25 crude. He added that he feared the world economy might be harmed if the current price spike, which has seen crude above $30 a barrel for much of the year, should be prolonged. ``We are worried today by the increase in oil prices which if continued permanently could lead to a negative impact on the world economy and the prospects for world economic growth,'' he told other OPEC leaders. ``We call upon consuming countries to share the sacrifice through the taxes that they impose on oil...We are unfairly blamed for all the problems of the world economy.'' Dealers also found reason to offload crude after the United Nations (news - web sites) Gulf War reparations body in Geneva approved $15.9 billion of damages for Kuwait against Iraq for lost oil. Iraq Sees Oil Disruption ``Counter-Productive'' Traders had been fearful that Iraqi discontent with the decision might lead to a disruption in Baghdad's exports under the U.N.'s oil-for-food exchange. But an industry source, in Caracas for the OPEC summit, said a suspension of oil sales would be ``counter-productive.'' ``Iraq is a major producer. Iraq does not want to see short-term spikes in oil prices to very high levels,'' he told Reuters. The Organization of the Petroleum Exporting Countries is under pressure from consuming nations across all continents to boost oil supplies and provide some relief to escalating energy bills. OPEC has lifted production three times this year by a total 3.2 million barrels per day (bpd), but with little success in bringing down rocketing oil, which earlier this month hit a 10-year peak at $37.80 in the U.S. Prices have since eased, a decline largely triggered by a rare U.S. decision to tap into strategic reserves for 30 million barrels of crude to shore up supplies for the upcoming winter. The U.S. oil is due to be released next month, bringing one million bpd to the market, in addition to the extra 800,000 bpd promised by OPEC from October 1. President Clinton (news - web sites) has defended the oil release as the most prudent move to steer prices toward OPEC's target range of $22-$28 a barrel. ``The accumulated (OPEC output hike) decisions were not going to come near the target and there seemed to be a trend line going quite high,'' he said. This year's price spike has mainly been driven by fears of fuel shortages in the United States, which consumes a fifth of world petroleum supplies. U.S. crude and refined product inventories stand near 24-year lows. The U.S. initiative to tap strategic supplies has prompted the European Union to consider whether to unleash some of its own contingency stockpiles, but some member countries are opposed saying the inventories should be used for emergencies not for managing oil prices. OPEC President Ali Rodriguez of Venezuela said he was expecting contacts with the European Union before a November 17-18 producer-consumer conference in Riyadh which will see high level representation from the U.S. and the EU. The West's energy watchdog, the International Energy Agency (IEA), has called an emergency meeting of its governing board on October 4 to discuss the world oil market situation. The Paris-based IEA groups 25 industrialized countries and is responsible for coordinating joint measures to meet oil supply emergencies. Great, I can save money on that subscription to Da Cheif's hotline, and just listen to Bubba's press conferences!!<GGG>