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To: Broken_Clock who wrote (12450)	2/22/1998 7:28:00 PM
From: david james	Respond to of 95453

PK, There is corrupt, and then there is incompetent. It may be Venezuelan state officials have a lack of real control over what gets pumped because of corruption at both lower levels and higher levels. But I am surprised that up to now they haven't even attempted a PR game where they try to give the impression that they may cut back. A couple well chosen phrases and oil will be up a buck. In fact, all they need to do is send someone to Saudi Arabia to discuss the issue. David

To: Broken_Clock who wrote (12450)	2/25/1998 6:27:00 PM
From: david james	Respond to of 95453

You've really got to wonder what the Saudis think about the Venezuelans. All Venezuela needs to do is enter discussions for a while, but they don't appear to be willing to do even that. biz.yahoo.com NYMEX crude up midday on short-covering NEW YORK, Feb 25 (Reuters) - Crude futures at the New York Mercantile Exchange Wednesday (NYMEX) recovered slightly losses from previous days, boosted by short-coverings and latest inventory data from the American Petroleum Institute, traders said. ............ Traders continue to watch what the Organization of Petroleum Exporting Countries might do in light of the slump in oil prices amid a global glut. OPEC raised its official production ceiling by 10 percent to 27.5 million barrels per day (BPD) in November, but production has now exceeded 28.0 million BPD. As the ceiling was raised, Asia entered into a period of financial turmoil, cutting demand from the fast-growing region. A mild winter also developed, further cutting demand. The OPEC's current overproduction is partly blamed on ''quota busters,'' the biggest of which is Venezuela, which spurned an overture last week from OPEC kingpin Saudi Arabia that it and other fellow members overproducing should stick to their ceilings. Saudi Arabia dangled the prospect of an emergency meeting of the cartel before its regular June summit, but conditioned it on members maintaining quota discipline. Venezuela's stance is thought to be the stumbling block to any advance OPEC meeting, according to analysts.