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To: 007 who wrote (20519)	4/27/1998 1:13:00 PM
From: pz	Respond to of 95453

OSLO, April 27 (Reuters) - Norway said on Monday it will implement measures to reduce oil production by 100,000 barrels per day from May 1. "Our intention is to implement production cuts from May 1," Oil and Energy Minister Marit Arnstad told Reuters. "The planning has been done between the Norwegian Petroleum Directorate and the oil companies." Norway announced in early April that it would cut crude production on the Norwegian continental shelf by three percent to try and help bolster sagging prices. It had set no date for the cuts, which are planned to last until the end of the year. The Norwegian cuts were in addition to the Riyadh pact agreed by some OPEC and non-OPEC producing countries to dam supplies to the flooded market. Some leading OPEC states signalled over the weekend that they might be ready to cut exports again. Arnstad said Norway was not considering further cuts. She noted that Norwegian output would be 400,000 bpd less than original forecasts this year because of delays to new developments and technical problems at already producing fields. The 100,000 bpd reduction comes in addition, she said. "I feel the Norwegian contribution is sufficient. We have not been considering more cuts," Arnstad said

To: 007 who wrote (20519)	4/27/1998 1:14:00 PM
From: pz	Respond to of 95453

NEW YORK, April 27 (Reuters) - The head of Venezuela's state oil company said Monday that further oil output cuts may major producers was not yet needed. "We are looking at a reasonable price situation for what we did," said Luis Giusti, president of Petroleos de Venezuela, referring to last month's move by OPEC and some other major producers to cut oil production. "We shouldn't try to re-write history before it occurs. We are beginning to see a more stable price situation," he added. Asked about plans by Venezuela for further production cuts, Giusti said "we are not planning to do that." Earlier Monday, Venezuela's oil minister, Erwin Arrieta, said in a television interview that the market had stabilized at an "undesirable level...and probably needs about 500,000 bpd less," with Venezuela contributing 10 percent. Giusti, in New York for presentations to investors about an upcoming bond issue, said he hadn't heard the minister's specific comments. Separately, Manuel Urdaneta, Petroleos de Venezuela's vice president, corporate finance, reaffirmed that the 200,000 bpd production cuts agreed last month were already instituted. He said Venezuela's heavy crude oil custormers, of which he estimated there was slightly more than 30, were cut across the board. The investor presentations are for a bond issue of $1.5 billion by a specially-created offshore entity which is structure to achieve a rating from the major bond rating agencies above Venezuela's soveriegn rating.