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

To: Broken_Clock who wrote (18469)	4/8/1998 3:33:00 PM
From: bw	Respond to of 95453

Kind of strange day...The majors [tx,chv,xon,an,arc,ucl] are down and oil is up. Like to see them doing better, since they're paying the bills around here. <g> We are showing good strength in the face of a really edgy market. Value might once again have its day in the sun.. Long NE, GLM.... better keep some sunscreen handy, however..to avoid getting burned <g>

To: Broken_Clock who wrote (18469)	4/8/1998 4:33:00 PM
From: Teddy	Respond to of 95453

April 8, 1998 Crude Oil Prices Edge Higher As Russia Joins Output Cuts Dow Jones Newswires Crude oil futures edged higher Wednesday on the New York Mercantile Exchange, as Russia announced voluntary cuts in oil production. Russia -- the third-largest oil exporter -- said it will reduce crude oil exports by 61,000 barrels a day amid falling world oil prices, possibly marking a shift in the country's official position on production cuts as a means to raise prices. In the past, top Russian officials have said the oil industry was too big a factor in the economy to allow output to fall. The government last month approved cuts in taxes and fees for oil companies to ease the burden of falling prices. First Deputy Prime Minister Boris Nemtsov, quoted by Interfax at a meeting with leading Russian oil companies, said low prices cost Russia $24 million a day in lost income. The energy sector contributes 40% of the country's budget revenue, he noted. Last year, Russia exported 2.47 million barrels of crude oil a day, according to official data. The decision to reduce exports was made "unanimously and voluntarily" at the meeting with oil companies, Mr. Nemtsov said. "Russia, as the third-largest oil exporter, can't stand aside from the whole world." Last month, an agreement was reached among 15 nations, mostly from the Organization of Petroleum Exporting Countries, to cut world supply by 1.5 million barrels a day, or 2%, beginning in April in order to boost prices. At the time the agreement was announced, a government official said Russia wouldn't reduce oil output to help combat the slump in oil prices.