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

To: Teddy who wrote (16482)	3/25/1998 1:25:00 PM
From: HH	Read Replies (1) \| Respond to of 95453

Here is some recent news FOCUS-OPEC plans meet to seal cut, stir price rise By William Maclean >>>>LONDON, March 25 (Reuters) - OPEC oil producers on Wednesday announced an emergency meeting next week to ratify a historic pact aimed at conjuring price gains on sceptical petroleum markets. The Organisation of the Petroleum Exporting Countries (OPEC) said ministers would meet in Vienna on Monday following the production cut accord reached last weekend between non-OPEC and OPEC producers. OPEC Secretary General Rilwanu Lukman said the 11 members from Africa, Asia, Latin America and the Middle East would meet as "part of efforts to stabilise the oil market" following painful price losses in recent months. Lukman added in a letter to members the meeting was to "confirm the understanding recently reached regarding a cut from current production in order to support the market," an OPEC source said. The pact provided welcome relief to producers by boosting prices by more than $2 a barrel on Monday. Prices retreated on Tuesday as an initial buying frenzy wore off and traders began examining the agreement's fine print. Benchmark Brent crude futures recovered some ground on news of the OPEC meeting on Wednesday, trading one cent better on the day at $14.53 a barrel at 12.54 GMT. The agreement, announced in Riyadh and orchestrated by Saudi Arabia, Mexico and Venezuela, aims to remove some 1.7 million barrels a day (bpd) from glutted world oil markets. "The market can now focus on the prospects for a gradual recovery in the oil price," said J.P. Morgan Securities. "This deal creates a floor for the oil price and should end talk of single digit prices." But there were signs that the agreement's initial lustre was beginning to fade. Scepticism lingers among veteran OPEC watchers in the London and New York futures markets that have been the forum for the price collapse of the last six months. <<<< HH PS I guess you dont have to be able to spell to be part of the Reuters team.