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

To: Broken_Clock who wrote (8755)	1/19/1998 4:10:00 PM
From: pz	Respond to of 95453

Monday January 19 1:41 PM EST Oil Prices Firm on OPEC Talks, Iraq Jitters LONDON (Reuters) - World oil prices fought back Monday from recent 45-month lows, boosted news of tension between the United Nations and Iraq. Benchmark North Sea Brent crude prices were trading 37 cents a barrel higher at $15.84 in late London trading, a hefty 74 cents above a low of $15.10 touched last week, the weakest price seen in almost four years. The gains made inroads into steep losses sustained on the back of declining Asian demand, a resumption of Iraqi oil exports and the prospect of increased OPEC supplies. But analysts said key concerns over the impact on oil demand of east Asia's financial crisis would continue to exert bearish pressure. A further imponderable is whether the Organization of Petroleum Exporting Countries will be able to agree on any measures to stem the slide in prices. "Like the Asian financial crisis, the oil market is threatened with a serious meltdown,' said the Centre for Global Energy Studies. "Matters could indeed get much worse before they get better." Prices drew strength Monday from determined comments by chief United Nations arms inspector Richard Butler on a visit to Baghdad for talks with Iraqi officials about their threat to terminate the arms inspection program. The senior official rejected a deadline set by Iraq for inspections to be completed and said he would not abandon his call for unrestricted access for the inspectors. "The chance of military action by the United States has increased," said brokers GNI in London. Market players also cited the killing of Iraq's charge d'affaires in Jordan and seven others in Amman by unknown assailants as another bullish factor. Additional support came from the scheduling of talks by OPEC states aimed at drawing a line under the price slump damaging their oil-dependent economies. OPEC has watched the price of oil slide to 45-month lows since agreeing in December to raise its output ceiling by 10 percent to 27.5 million barrels per day. Several OPEC ministers have ruled out a full emergency meeting for now. But an OPEC official said Monday that an expanded meeting of the group's quota monitoring committee would be held in Vienna on Jan. 26 to discuss oil production quotas. The committee comprises Kuwait, Iran and Nigeria, but other ministers of the 11-member cartel have been invited to sit in as observers. The committee has no power over quotas but it monitors the oil market and OPEC member countries' output. Traders noted that the meeting's effectiveness would be limited by the fact that Ali Naimi, oil minister of OPEC kingpin Saudi Arabia, would not be attending the talks. Qatar, too, said it would not attend. U.S. markets were closed on Monday for the Martin Luther King holiday.

To: Broken_Clock who wrote (8755)	1/19/1998 7:01:00 PM
From: Thomas M.	Respond to of 95453

For the record, I would like to point out that the Matt Simmons interview is from several years ago. Obviously, based on this week's Barron's interview, he remains bullish today. Tom

To: Broken_Clock who wrote (8755)	1/19/1998 7:45:00 PM
From: Tulvio Durand	Read Replies (1) \| Respond to of 95453

Another compelling reason to keep on drilling even if the price of oil declines further -- After leases are awarded, companies generally have five years to start drilling in shallow water, 10 years in deep water. gasandoil.com Thanks, Dave, for the post and great links. Tulvio

To: Broken_Clock who wrote (8755)	1/19/1998 8:03:00 PM
From: MoneyPenny	Read Replies (3) \| Respond to of 95453

stockdetective.com I'm listing this link because I can't believe that Mike Simmons would allow himself to be used with this sort of company(Future Superstock). They are notorious for pumping up prices quickly and leaving small investors holding the bag on some questionable small cap companies. Some of their recommendations are legit but they are paid in shares for their broadcast, tiered e mail promising quick profits. I do not believe the Simmons article is new(I know I have read it before)and is not related to the stock (Rochester Energy) that they are promoting. Sharon