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

To: Les H who wrote (134377)	11/14/2001 12:42:01 AM
From: Les H	Respond to of 436258

Looks like ABMD patient is having problems, but has beat the street estimates of 60 days cnn.com

To: Les H who wrote (134377)	11/14/2001 12:44:37 AM
From: Haim R. Branisteanu	Respond to of 436258

OPEC admonishes non-OPEC oil producers ( or the Arab way of civilized negotiation ) By BRUCE STANLEY, Associated Press VIENNA, Austria (November 13, 2001 10:12 p.m. EST) - With oil prices sagging, OPEC members on Tuesday threatened oil-producing nations outside the cartel to join them in sharply cutting output - and warned of a possible price war if they failed to cooperate. Oil ministers of the Organization of the Petroleum Exporting Countries displayed a growing impatience at the refusal of other oil producers to close ranks with OPEC and commit to meaningful cuts ahead of a crucial meeting of OPEC delegates Wednesday. Except for Russia, which has pledged token support, no major non-OPEC producer seems willing to rein in production at a time when their oil revenues are already suffering from plummeting prices. "I believe that (any) OPEC cut should be subject to real non-OPEC contribution, and we expect our friends in non-OPEC producers to help us in these circumstances," Iran's oil minister Bijan Namdar Zangeneh told reporters as he arrived at a hotel in the Austrian capital. Zangeneh refused to specify how much oil he wanted non-OPEC producers such as Russia and Mexico to remove from the market, but he stressed that he was looking for "serious cuts." Iran, OPEC's second-largest producer, has been among the most outspoken of the group's 11 members in calling for corresponding cuts from non-OPEC countries. Their efforts have met with little success. Russia has pledged to curtail its daily output of 7.1 million barrels of oil by a mere 30,000 barrels, or 0.4 percent. OPEC members have recommended slashing their production targets by as much as 1.5 million barrels a day, or 6 percent, but they fear their efforts could be undone if non-OPEC producers keep pumping at current levels or even boost their output. "I am afraid that this cut - without them - will not help and will be useless," said Qatar's oil minister, Abdullah Al Attiyah. OPEC has tried to peg the price for its benchmark blend of seven crudes within a range of $22-28 per barrel. The price of the OPEC benchmark was 42 cents lower at $19.11 a barrel on Monday, the most recent day for which the data was compiled. December contracts for North Sea Brent crude rallied somewhat on Tuesday, rising 61 cents a barrel to $21.00 on the International Petroleum Exchange in London. Light, sweet crude for December delivery closed 44 cents a barrel higher at $21.67 on the New York Mercantile Exchange. Al Attiyah said he was concerned that non-OPEC nations might try to grab a bigger share of the world market by increasing their production. That could be a recipe for a price war, and "a disaster for everybody," he told reporters. OPEC delegates expect to decide on a course of action when they meet Wednesday at the group's headquarters in Vienna. The drop in global demand for crude has intensified in the wake of the terror attacks on the United States. Oil prices have tumbled by 25 percent since Sept. 11 alone. OPEC president Chakib Khelil said the group's members have agreed that an output cut of more than 1 million barrels a day is necessary to balance supply and demand. Venezuela's oil minister Alvaro Silva said OPEC and major non-OPEC producers together should remove at least 1.3 million to 1.5 million barrels a day from global supplies to stop prices from sinking further. The group's current production target is 23.2 million barrels a day, although its members are pumping about 800,000 barrels a day above their quotas. OPEC supplies about a third of the world's oil. OPEC has already cut production three times this year to defend prices, most recently on Sept. 1. Although some delegates had argued for an additional cut later that month, the cartel was concerned that doing so right after the Sept. 11 attacks would have opened it up to accusations of profiteering. Expectations of a big cut soared last week when Saudi Arabian Oil Minister Ali Naimi said a decrease in OPEC's output by 1.5 million barrels, together with a pledge from non-OPEC countries to trim their supplies by 500,000 barrels a day, would be needed to restore balance to world markets. nandotimes.com