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To: Czechsinthemail who wrote (13019)	2/26/1998 6:52:00 PM
From: bw	Read Replies (1) \| Respond to of 95453

Baird...Excellent article. Thanks for posting..This again illustrates the high quality thread that this has become; probably the most negative article posted by one of the stronger bulls! Gotta love the diversity of views...from all angles. As for me..bull or bear? I think that I'd rather take a horse anytime..

To: Czechsinthemail who wrote (13019)	2/26/1998 6:53:00 PM
From: david james	Respond to of 95453

Interesting that Venezuela does not think that their overpumping is a cause of the low oil price Venezuela pumps 3.35 mln bpd in Feb - PDVSA CARACAS, Feb 26 (Reuters) - Venezuela pumped an average of 3.35 million barrels per day (bpd) in February, over 700,000 bpd above its OPEC quota, Juan Szabo, a top Petroleos de Venezuela (PDVSA) executive said Thursday. Venezuela reached a record of 3.41 million bpd last week, PDVSA vice-president Claus Graf added at the press breakfast. Venezuela has said it plans to raise production this year to 3.6 million bpd, despite slumping oil prices. Increasing oil output in the face of falling prices, ''is the only way Venezuela will get out of its fiscal crisis,'' Graf said. ''This strategy remains the best way for Venezuela to remain a world oil player,'' he added. Lower oil prices this year have ravaged Venezuela's fiscal accounts, prompting billion dollar government spending cuts. Venezuela, long viewed as OPEC's largest quota buster, plans to double output over the next 10 years and has argued its increased production has had little effect on oil prices. Its official OPEC quota is 2.583 million bpd.