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

To: The Ox who wrote (75287)	10/2/2000 7:08:28 AM
From: Second_Titan	Read Replies (1) \| Respond to of 95453

Nymex Access Crude Up; Saudi Won't Be Swing Producer -Min Dow Jones Newswires SEOUL -- Light, sweet crude futures are high Monday in New York Mercantile Exchange Access trading, continuing gains during Friday's floor session. Saudi Arabian Oil Minister Ali Naimi's comment Friday that the kingdom was producing at 8.5 million barrels a day was seen as supportive, as a more widely held estimate stood around 8.9 million b/d, analysts said. The European Union's rejection of a Spanish proposal for the sale of part of the E.U.'s 1 billion-barrel reserve stock to stabilize prices also was seen as supportive. At 0610 GMT, the November contract traded on Access at $31.35 a barrel, up 51 cents from Friday's Nymex close and trading in a $30.95-$31.40/bbl range. November Access volume is 815 lots. The November contract rose 50 cents Friday to close at $30.84/bbl after trading in a $30.20-$30.95/bbl range. The December contract last traded at $31.25/bbl, up 54 cents from Friday's Nymex close and trading in a $30.56-$31.25/bbl range. December Access volume is 298 lots. Friday, the December contract rose 37 cents to close at $30.71/bbl after trading in a range of $30.24-$30.82/bbl. The new Middle East sour crude contract was untraded on Access at 0610 GMT. Naimi said in an interview published Friday that Saudi Arabia is prepared to use its spare oil production capacity to moderate prices, but not in the role of swing producer. Saudi Arabia's target rose to 8.512 million b/d Oct. 1 as part of the group's latest output hike of 800,000 b/d. The Kingdom can reach its production limit of 10.5 million b/d in 90 days, he added. And with 261 billion bbl of reserves, expanding capacity is no problem. Venezuelan President Hugo Chavez said Friday that OPEC is willing to put more oil on the market if necessary and that the group would act together. Chavez reiterated that neither Saudi Arabia nor Iraq will act alone, adding that the Caracas Declaration shows OPEC is united and has been strengthened. Iran's oil minister, Bijan Namdar Zangeneh, told The Nihon Keizai Shimbun Friday that OPEC is willing to discuss raising crude output further at its full-ministerial meeting Nov. 12, if prices remain high. But he said he believes crude supplies were sufficient. Brent blend crude futures are untraded Monday on the Singapore International Monetary Exchange. On London's International Petroleum Exchange Monday, the Brent futures are called to open 41-45 cents higher from Friday's closing values. Friday on the IPE, the November Brent crude contract rose 58 cents to close at $29.84/bbl after trading in a $29.35-$30/bbl range. The December contract rose 42 cents to close at $30/bbl after trading in a range of $29.56-$30.08/bbl.