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

To: Tommy D who wrote (80001)	11/25/2000 2:29:13 PM
From: excardog	Respond to of 95453

Iraq keeps the pressure on: Iraq mulling over cutting oil export BAGHDAD, Nov 24: Iraq has again questioned the benefit of exporting its oil, saying it is "thinking seriously" about cutting exports if the UN sanctions committee does not clear the humanitarian and oil contracts on hold, reports AP. "If the world community does not accept its responsibility for Iraq's suffering, why should Iraq feel responsible for the expected oil price increase in case it stopped exporting?" the government's official English paper, the Baghdad Observer, asked Thursday. A report issued this week by the UN Office of the Iraq Programme in New York said that over $2.3 billion worth of contracts were on hold in the sanctions committee as of Nov 17. The amount includes almost $2 billion for humanitarian supplies and $325 million for the oil industry, the report said. Iraq has been barred from selling its oil on the open market since a sweeping trade embargo was imposed after its 1990 invasion of Kuwait. The oil-for-food program allows Iraq to sell unlimited amounts of oil provided the proceeds, which go directly into a UN escrow account, are used to buy food and medicine for its people. "We the Iraqi people, are thinking seriously that after eight phases of the failed (oil-for-food deal) and the huge amount of Iraqi revenues in the UN account, we should stop exporting oil, at least until the (sanctions committee) releases the "on hold" contracts so we can benefit from our exported oil," the newspaper said. "Why should Iraq continue exporting its oil while the revenues are being directed away from the people?" the paper said. Earlier this month, Deputy Prime Minister Tariq Aziz also questioned the necessity of oil exports while more than dlrs 11 billion in revenues are tied up in the escrow account, but he stopped short of threatening to cut exports. Iraq on Wednesday submitted its price estimates for oil exports for the next six-month phase of the oil-for-food programme, which begins Dec 5. But the UN experts who oversee the prices told the UN sanctions committee that Baghdad's prices were below fair market value, western diplomats said. The below-market prices are believed to be Iraq's attempt to compensate buyers of its crude for a surcharge of 50 cents a barrel Iraq wants them to pay into an Iraqi-controlled bank account, diplomats said. Iraq's pricing tactics represent further evidence of its efforts to wrest control of its increasingly valuable oil revenues while also chipping away at support for the decade-old sanctions. Last month Iraq won UN approval to price its oil in the common European currency instead of the US dollar after threatening a possible disruption of exports. A cut in Iraqi exports would aggravate an already volatile oil market, which reacted negatively to earlier warnings by Iraq of a possible stop in exports. [Top][Home][Onirban Online] --------------------------------------------------------------------------------

To: Tommy D who wrote (80001)	11/25/2000 5:45:21 PM
From: upanddown	Respond to of 95453

Tommy I got the impression from your post that you were looking for ETF's and were not interested in mutual funds. I don't blame you since ETF's have lots of advantages over mutual funds like.... Lower cost better tax efficiency ability to buy/sell at any time during market hours ability to do sector concentration play long or short (without an uptick) marginable place stop orders no need for high-salaried mediocrities to "manage" the fund ETF's are still in their infancy and still have lots of problems, notably lack of liquidity. I think eventually they are going to really hurt MF's as people begin to understand the obvious advantages. This is no current ETF specializing in oil service though I would expect one in the future. The closest you can get is the SPDR energy sector XLE and the IShares US Energy sector IYE. The Holdrs Utility might be an NG play. Check top holdings. amex.com amex.com amex.com John