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To: Czechsinthemail who wrote (12350)	2/21/1998 7:14:00 PM
From: Broken_Clock	Respond to of 95453

Baird, It should be noted that Latin America is next on the list for de-valuating currencies a la S. E. Asia. I'm sure that Venezuela(a very corrupt country) is simply raping the known reserves as fast as they can in order to stave off the inevitable. Pretty typical for a third world country.When oil is the only thing you've got to sell, and it keeps you from having the problems like say, Colombia, then you sell it and don't think about tomorrow. Bank the bucks in Europe and when all goes down the tubes the wealthy will be long gone. Isn't it funny how these third world politicos always end up on the Riviera or in New York right about the time revolution breaks out? Venezuela is going thru that right now over one of the largest undeveloped known gold reserves in the world. Placer Dome is involved and the reports on the in fighting and corruption in the government are a joke. It came down to who could pay the most to the clique that could swing the Supreme Court of Venezuea. Looks like PDG is gonna win. Venezueala is out for whoever is directly reaping the benefits of the oil sales. I wouldn't want to be there when the oil is gone. PK

To: Czechsinthemail who wrote (12350)	2/22/1998 5:47:00 PM
From: david james	Read Replies (1) \| Respond to of 95453

I am certainly not an oil expert, but it seems that too much weight on this thread has been put on what is going on in Iraq relative to what is going on in Venezuela. From last Thursday .... biz.yahoo.com Crude oil futures on the New York Mercantile Exchange sprinted higher again on Thursday on a combination of bullish gasoline inventory figures and statements indicating Venezuela might be willing go along with an OPEC production cut, traders said. ... The statement came from a director of the state oil company, Petroleos de Venezuela, Jose Toro, who said Thursday in Chile that Venezuela would consider a cut in production if other OPEC nations were to curtail output. His comments contradict those made by Venezuelan energy and mines minister, Erwin Arrieta, who said on Wednesday that his country would ''absolutely not'' consider cutting production in answer to a call by OPEC lynchpin Saudi Arabia for members to cut back to quota. Venezuela is the largest over producer within the group, pumping around 3.2 million barrels per day (bpd) compared with an official quota of 2.58 million bpd. Anyone know which of these two Venezuelan officials carry more weight? One would think that at some point they would recognize that even a token cutback would produce a significant increase in prices - and they would probably end up with greater profit than what they would lose by pumping a bit less oil. Dave