Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Lois R who wrote (16726)	3/26/1998 2:46:00 PM
From: Teddy	Read Replies (1) \| Respond to of 95453

Sorry, couldn't find the Reuters article. Here's the lastest DowJones (no time listed) March 26, 1998 Norway Oil Min. To Hold Press Conference On Oil Output Thu AP-Dow Jones News Service OSLO -- Norway's oil and energy ministry said Thursday it will hold a press conference on Norway's oil production at 1700 GMT. Ministry spokesman Sissel Edvardsen declined to give further details ahead of the conference. March 26, 1998 Norway Govt To Cut Crude Output AP-Dow Jones News Service OSLO -- Norway's oil and energy minister Marit Arnstad Thursday said Norway's government favors a 3% to 6% cut in Norway's crude oil production in an effort to boost world oil prices. 'Norway should contribute like we've seen other countries do recently,' Arnstad said. The minister said the oil market was marred by large overproduction and considerable stock-piling. The intended production cuts would be in place for the remainder of 1998. Further, Arnstad said that the government would consult with other parties in Parliament on its proposal and said the measure would need approval by the King and Council next Friday (April 3) to become effective. Arnstad declined to comment on possible Parliamentary opposition to the proposed production cuts. The proposed production cuts would affect all oil fields and all oil companies within the Norwegian continental shelf equally, said Arnstad. The minister said the Government's decision was unilateral and had they not received requests from OPEC to reduce oil output. Arnstad added that Norway reserves the right to withdraw the proposal if OPEC countries do not live up to their commitments According to reports from Norwegian news agency NTB the minority coalition government's proposal is likely to meet with strong Parliamentary opposition. The government will now consult with the rest of Parliament and try to get backing for its proposal ahead of April 3 when the proposal is to be put before the King and Council. The minority coalition government has not yet been defeated in Parliament on any energy-related matters. Norway produces around 3 million barrels a day of crude so the proposed cutback is of the order 90,000-180,000 b/d.