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

To: Thean who wrote (9809)	1/27/1998 12:19:00 AM
From: Grommit	Read Replies (3) \| Respond to of 95453

Business week article says $10 oil. I was just about to post the link also. They claim that demand will be essentially flat for the next 2 years and that production will be up 400,000 barrels/day due to venezuela, 400,000 due to north sea, 400,000 or so due to saudi and they do not even mention iraq at $2 Billion dollars per 6 months. And one analyst is saying that $10 per barrel oil is quite possible. What does that do? Everyone says that oil at $12-13 for 6 months screws up the E&P budgets. Do rigs shut down or do they lower their day rates? Is the article bunk or are your heads in the sand?