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To: ViperChick Secret Agent 006.9 who wrote (17227)	3/30/1998 4:34:00 PM
From: HH	Read Replies (1) \| Respond to of 95453

Here's another report from Vienna. OPEC on course to agree cut, prices turn tail By Steven Swindells VIENNA, March 30 - OPEC oil ministers alarmed by hefty revenue losses began an emergency meeting on Monday to approve output cuts agreed with other producers to try to raise fragile prices. The cartel responsible gor 40 percent of world supply appeared on course to confirm agreement to contribute to a two pecent cut in global output to lift prices that touched nine-year lows earlier this year. Kuwaiti and Libyan ministers told reporters moments before the meeting that members would confirm agreement to make cuts of around 1.25 million barrels per day (bpd), a level envisaged in a ground-breaking accord with non-cartel producers. Prospects that the agreement would hold good brightened when Iran confirmed for the first time that its planned reductions would make a physical impact on the market. "We will reduce our production and it will impact the market," said Iranian Oil Minister Bijan Zanganeh, whose approach to the pact's detailed implementation had been unclear. The accord agreed by Saudi Arabia, Venezuela and non-OPEC Mexico in Riyadh on March 22 has drawn support from all 11 OPEC members bar Iraq plus Oman, Egypt and Yemen as well as Norway. Non-OPEC countries have pledged cuts of 270,000 bpd on top of OPEC's 1.25 million bpd promised reduction. Norway, the world's biggest exporter after Saudi Arabia, boosted market sentiment earlier by declaring it would cut output by 100,000 barrels per day (bpd) as part of non-OPEC contributions to total pledged cuts of 1.5 million bpd. The agreement "marked the beginning of a new era of cooperation between OPEC and non-OPEC oil producers," said OPEC President Obaid bin Saif al-Nasseri. But markets showed no sign of being easily impressed with the likely final shape of the pact and some analysts said the landmark accord may have raised traders' expectations too high. Early signs were that traders wanted solid evidence of implementation and, if possible, agreement on yet deeper cuts. "I expect them to conclude fairly quickly in order to project an image of decisiveness in the market," said Mehdi Varzi of Dresdner Klenworth Benson. Benchmark Brent crude, which had risen earelier on news ogf Norway's contribution to the cuts, later slumped 60 cents to trade at $14.79. "That they called for an emergency meeting may have raised expectations that they would improve upon the cuts made in the Riyadh pact," said Michael Rothman, senior energy analyst at Merrill Lynch. "If they do little more than rubber stamp that accord it may be viewed as disappointing." However, in the longer term "it still will depend on the number of barrels they take out of the market." A price fall of 40 percent from October to mid-March sliced billions of dollars off OPEC revenues, pummelled company share values and sowed doubts about the viability of exploration in remote regions. The slump was caused by weak demand in cash-strapped Asian countries, a 10 percent rise in OPEC's 1998 production ceiling, a mild northern hemisphere winter and increased Iraqi exports. Delegates said the single biggest hurdle to the meeting's success lay in uncertainty over plans by OPEC heavyweight Iran and economically-fragile Indonesia to lower their production. They can produce only markedly below their official OPEC quotas and so their announced "reductions" would not affect crude supply. Officials had indicated they would cut from their official OPEC output quotas, not from actual production as is assumed under the pact. But Zanganeh's statement appeared to allay fears that Iran would fail to fulfill its obligations."

To: ViperChick Secret Agent 006.9 who wrote (17227)	3/30/1998 5:54:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

I have been accumulating UTI since the 12s, while trading a small position on the climb. I am Finally DONE buying UTI. I see nothing negative about UTI in the coming month, and I am very confident that Earnings, Upgrades, a break from the oil sector, and the strong, bullish indicators will have us easily in the mid 20s by April's end. UTI will be strong in their conviction of earnings reporting, and the company will be making a mint on the purchase of their stock in the lower teens. Ladies and Gentlemen, on April 1 the power of BIG money will float into this stock and there is little doubt that by Sept. 1, UTI will be over 35. Divergence called the top, and the bottom, and is loving this stock more everyday. Let's keep raising that moving average !!