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To: Ahda who wrote (6023)	1/15/1998 9:22:00 PM
From: Bucky Katt	Respond to of 116820

DS--We pay them. They like the dollars.

To: Ahda who wrote (6023)	1/15/1998 9:58:00 PM
From: Abner Hosmer	Read Replies (1) \| Respond to of 116820

Oil Glut:http://biz.yahoo.com/finance/980112/middle_eas_1.html LONDON, Jan 12 (Reuters) - European crude markets, battered by prospects of renewed Iraqi exports, are suffering further punishment from Middle East barrels unwanted by cash-pinched Asian refiners, dealers said on Monday. They said about three to four million barrels of February-loading Middle East crude normally imported by Asian refiners had been sold to Europe and South Africa after failing to find homes in a flagging Far Eastern crude market. ...''For buyers it is a wonderful time,'' said one trader in London. ''The Med looks like overflowing with crude from the Middle East. There is Oman, Murban and even some Yemeni.'' ...The prospect of the medium and heavy crudes heading into the Mediterranean has worsened the plight of the oversupplied sour market in the region. ...OPEC memners were generally managing to supply 1997 levels to Asia...But it was proving difficult to sell the extra amounts of crude that they had been allowed to produce under their new 1998 quotas. ''The East will not be able to absorb the extra volumes because of the currency problems (in Asia) and the refinery cuts. There is very little slack in Asian demand,'' he said. ''But we have to put our barrels where we can sell them. So some crude is having to go west of Suez.''