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To: E.J. Neitz Jr who wrote (35010)	11/27/2001 10:29:36 AM
From: pz	Read Replies (2) \| Respond to of 53068

Ed, Very well said. If OPEC dumps oil on the market (which is unlikely), I'll be joining you. Of course I'll be unemployed, but I'll be joining you...lol. Paul

To: E.J. Neitz Jr who wrote (35010)	11/30/2001 3:37:32 PM
From: pz	Read Replies (1) \| Respond to of 53068

Ed, It looks like we might miss our chance at bargain oil stock prices. Paul Opec close to striking output deal -------------------------------------------------------------------------------- The Organisation of Petroleum Exporting Counties is close to striking a landmark accord with non-Opec producers as Norway and Russia moved towards joining the cartel in cutting oil output to boost the world oil price. The Norwegian government said it would cut its oil output by between 100,000 and 200,000 barrels a day provided other producers did the same. Russia's government is set to meet its oil companies on Friday amid growing expectations of a significant cut in output. Such reductions would constitute a political coup for Opec, which last week balked at taking any more of its own oil off the world market unless key non-Opec producers made similar sacrifices. The last time the two sets of producers cut output together was in 1998 when the price hit $10 a barrel. If Russia follows Norway in sizeable output cuts, it will mean that Opec will have successfully used its threat of a price war to stabilise the oil price at a far higher level than during previous oil market troughs. On Thursday night Ali Rodriguez, Opec's secretary-general, called Norway's decision "a very positive step" and said he was "convinced that the Russian authorities are in a very realistic position" to make sizeable cuts. But he also said that, in the current exceptional economic climate after September 11, Opec was only trying to bring the oil price back "close to $22", the bottom end of its official $22-$28 target price band. Clearly seeking to pre-empt any criticism that Norway was joining Opec to exploit western oil consumers, Einar Steensnaes, the Norwegian oil minister, on Thursday issued a statement calling Opec's $22-$28 band "unrealistically high". But Norway felt it "important to act now before the situation worsens further", he said. The London oil market, which marked Brent crude down on Monday to a two-and-a-half year low of $16.65, on Thursday responded to Norway's decision and reports of imminent Russian concessions with an aggressive rally. This pushed January Brent up to $19.90, up $1.17 on the day. The Opec cartel targeted its main demand for cuts at Russia, the non-Opec producer with the fastest-rising output. To Opec's anger, Moscow initially offered a cut of only 30,000 barrels a day. But on Thursday Viktor Khristenko, the deputy prime minister in charge of oil export quotas, said Russia was ready to take measures "to stabilise the energy resource market" at $20-$25 a barrel from the start of next year. Opec is calling for a total 500,000 barrels a day reduction by non-Opec producers as the price for Opec slashing its production by a further 1.5 million barrels a day, on top of the 3.5 million barrels a day quota cuts it has already made this year. Financial Times