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Gold/Mining/Energy : Tracer Petroleum (TCXXF) -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (520)	3/18/1998 6:35:00 PM
From: Jim Daly	Read Replies (1) \| Respond to of 1261

There was a report on CNBC the other day that said that companys that have gas holdings are the stocks to buy.Mainly because gas prices have stayed pretty solid through all of this volatility. They listed APA Apache Oil as a prime candidate for this and APA has done well since. With the prices the way they are oil is okay but gas is a good thing.

To: James Strauss who wrote (520)	3/22/1998 11:30:00 AM
From: virginijus poshkus	Read Replies (1) \| Respond to of 1261

James, ask and you shall receive. The oil ministers of Saudi Arabia, Venezuela and Mexico announced Sunday that they have agreed to work together to withdraw up to 2 million barrels a day from world oil markets. The three countries said in a statement released in the Saudi capital Riyadh that they would coordinate with other members of the Organization of Petroleum Exporting Countries and non-OPEC members. "To this end, commitments already have been received from oil producing countries to withdraw approximately 1.1 million barrels per day from the market effective as of April 1, 1998," the ministers said in the statement. "In the following days, after further consultations with other producers are concluded, the final numbers will be announced as well as details about participants and programming," the statement said. It said the cutbacks were expected to trim from 1.6 million barrels a day to 2 million barrels a day from the oil market. In a separate release, Saudi Arabia said it "has decided to reduce its oil supply by 300,000 barrels a day," the official Saudi Press Agency reported. It said the cutback should last until the end of the year, although the joint statement did not mention a time frame. Saudi Arabia is the largest producer in OPEC, with a quota of 8.76 million barrels a day. Venezuela's quota is 2.583 million barrels a day, but it is estimated to be over-pumping at 3.3 million barrels a day. An oil glut in recent months has led to tumbling prices on the global market. The price of OPEC's basket of crudes, which it uses to gauge the market, is about $11.42 a barrel, down from $18.81 in November when the cartel decided to raise its production ceiling by 20 percent to 27.5 million barrels a day.