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To: Charles A. King who wrote (9051)	3/31/1998 5:11:00 PM
From: MMender	Read Replies (1) \| Respond to of 13091

Charles and all: << Guess what!! MMender has just sent you an animated greeting card You can pick up your personal greeting by connecting to the following WWW Address bluemountain.com >> The best to all for the upcoming Easter and Passover seasons. Something nice for a change. Regards, Eli

To: Charles A. King who wrote (9051)	4/1/1998 11:08:00 AM
From: Charles A. King	Read Replies (1) \| Respond to of 13091

Here are some excerpts from an article in the WSJ about the failure of the oil producing countries to support oil prices. Crude Drops as Output Cut Falls Short of Group Pledge By a WALL STREET JOURNAL Staff Reporter Prices for crude oil and its products crept lower Tuesday as skeptical energy watchers debated the potential effectiveness, and credibility, of the production-cut deal struck by the Organization of Petroleum Exporting Countries and key non-OPEC nations. The cartel and other oil-producing countries, including Mexico and Norway, ended a six-hour meeting in Vienna after midnight Tuesday morning, announcing they had agreed to cut their collective output of oil by about 1.5 million barrels a day. The group hoped to put a stop to the 40% decline crude prices have endured since fall, when OPEC actually raised its total production ceiling by 2.5 million barrels a day. Analysts said the announced cuts, about 2% of world supply, were significant but noted that they fell short of the 1.6 million to two million barrels a day the group pledged a week before the meeting. With the supply "overhang" at between 2 million and 2.2 million barrels a day, the OPEC pledge "cuts back the surplus quite a bit, but it's not going to eliminate it," said John Saucer, vice president and energy analyst with Salomon Smith Barney. Crude for May delivery fell 60 cents on the New York Mercantile Exchange to settle at $15.61 a barrel. Products followed suit, with April gasoline settling at 50.31 cents a gallon, down 1.66 cents, and April heating oil falling 1.16 cents to settle at 43.02 cents a gallon. Reports circulated that officials with the U.S. Department of Energy's Energy Information Administration expect consumers to see retail gasoline prices, which have been near historic lows, to climb about a dime over the next few months thanks to the OPEC deal and the accelerating demand from drivers. But even healthy gasoline sales won't necessarily burn up the surplus of crude and products in storage and in transit. "There's still a lot of oil on the sea that hasn't hit the market yet," cautioned Daniel Yergin, president of Cambridge Energy Research Associates. And he notes that growth from Asia probably won't return to normal levels for a while. "We're looking at two or three years before their energy demand comes back," he said. Even without demand complications and high storage levels, many also see the market's skeptical reaction to OPEC's promise as a sign of disbelief that the cartel will make good on its word. Said Salomon Smith Barney's Mr. Saucer, "What the OPEC ministers today are saying is no different from what we've heard from them after any OPEC meeting. At the end of the day we'll see substantial cuts. Will we see 1.5 million barrels a day? Probably not." An analyst (on WSW?) said El Nino dropped demand about 400,000 b/d and the Asian slump about 700,000 b/d. This occurred after OPEC increased thieir output by 2.5 million b/d and now they are struggling to reduce it 1.5 million b/d. It doesn't look like the 2.5 million figure includes Iraq's allowed increase. Charles