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

To: Redman who wrote (18200)	4/6/1998 2:29:00 PM
From: RealMuLan	Respond to of 95453

There is a post on NBR thread said that on last Sunday Bloomberg site, there was some news said that "the former Saudi oil minister said OPEC is near collapse". I haven't read any of this myself, so no confirmation.

To: Redman who wrote (18200)	4/6/1998 2:29:00 PM
From: Teddy	Read Replies (1) \| Respond to of 95453

From The Wall Street Urinal: Crude oil and petroleum-products futures were broadly lower on the Nymex. The market weakened amid reports that the Organization of Petroleum Exporting Countries will focus on heavy crude oil grades to meet their 1.245 million barrels a day in promised production cuts. Venezuela said Friday its 200,000 barrels-a-day cuts will come entirely from heavy crude production. Such a move is considered price-bearish because the world benchmark crudes are typically light grades. The Nymex crude oil contract is based on West Texas Intermediate, a light, sweet crude oil. Former Saudi-Arabian oil minister Sheik Ahmed Zaki el-Yamani was quoted in Monday's Der Spiegel newspaper as saying that the cuts in global oil production by OPEC and key non-OPEC producers won't be enough to halt the drop in world oil prices. "Two percent is ridiculous. The reduction of oil production should at least be three to four times as high," he said. "Under these conditions, the oil price will neither stabilize nor rise." Meanwhile, Ali Naimi, the current Saudi oil minister, was quoted in the Middle East Economic Survey Monday as saying that world oil producers are ready to cut volume further if the 1.5 million barrels a day they've already committed to aren't sufficient to stabilize prices. In late morning trading, May crude oil lost 43 cents to $15.56 a barrel, while June crude oil fell 38 cents to $15.91 a barrel. May unleaded gasoline fell 1.11 cents to 50.65 cents a gallon, and May heating oil lost 0.72 cent to 43.25 cents a gallon.