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

To: Bo Bob Brain who wrote (8322)	1/15/1998 7:56:00 PM
From: Chunsheng Zhou	Read Replies (2) \| Respond to of 95453

Thursday January 15, 3:50 pm Eastern Time Mexico Pemex chief see no further oil price drop MEXICO CITY, Jan 15 (Reuters) - The head of Mexican state oil monopoly Pemex, Adrian Lajous, said on Thursday he did not see world oil prices dropping any further from their current low prices. ''I don't see now an additional fall in oil prices. I believe we are arriving at the end of this adjustment,'' Lajous told reporters, referring to the recent decline in world oil prices. Lajous said he saw no reason to further revise the government's latest estimate of average 1998 oil export revenue of $13.50 per barrel, announced as part of a revised budget for the year on Wednesday. For the first two weeks of January, Pemex estimated its average crude export price stood at $12.06 per barrel. Lajous said cuts in planned investment, triggered by lower-than-expected oil revenue this year, would not affect major projects. ''The cuts will not hit any projects that affect production, refining, the bigger projects,'' he said. The Pemex director added there would be no job lay-offs nor an increase in the company's indebtedness.