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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 (94430)	11/15/2001 8:30:13 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

OPEC yesterday agreed to lower production by 1.5 million barrels a day on Jan. 1, on condition that non-OPEC producers also cut 500,000 barrels a day. The move would OPEC's oil quota to the lowest level since the Gulf War. Does this include the 900,000/bpd in cheating by OPEC? or will they really reduce output levels by 2.4 Million/bpd net? Add in 500,000 from non-OPEC and we get almost 3 Million bpd in proposed reductions. I just don't see these countries cutting production by that much - not by a long shot. With this in mind I believe the implications for the global economy are very positive. Cheap oil will certainly help everyone with the possible exception of the producing nations. The implications for the patch and the OSX are obvious, IMO. I guess the cure for $30 oil was $30 oil. Everyone got greedy while prices were high and now they can't stop pumping for want of $$. Look out below......