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

To: RGinPG who wrote (14687)	3/12/1998 11:30:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 95453

News summary from Dow Jones: April crude recovered from an intra-day low of $13.97 today to close up 2 cents at $14.20. At the low, it was within 23 cents of a nine-year low. Boosting the bullish case was news that the OPEC ministerial monitoring committee was delaying its meeting until the end of the month to give more ministers a chance to attend. "The more OPEC builds this meeting up, the more likely it is that something substantial will come out of it," said Victor Yu, an energy analyst with Refco, Inc. "They [OPEC ministers] have been around long enough to know that it's better to have no meeting at all than to hype one that ends up producing no results." One possible result is a time for an emergency meeting where production cuts can be considered. And regarding Venezuela: An "informed source" told Dow Jones that Venezuela, estimated to be OPEC's largest overproducer, looked prepared to make a "gesture" in cutting back its overproduction if both OPEC and non-OPEC countries took collective action. Iraq raised its production levels to about 1.4 million barrels/day, up from an average 1 million b/d under the UN oil for food program. That is still not close to its new ceiling--it's barely enough to meet the old limit of $2 billion every 6 months because of the combination of low prices and a dilapidated pumping and pipeline infrastructure. In Nigeria, Texaco shut down its Funiwa platform, which accounts for about 70% of Texaco's Nigerian production, because of local political unrest. Baird