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

To: Czechsinthemail who wrote (23646)	6/8/1998 4:22:00 PM
From: diana g	Respond to of 95453

Monday June 8, 2:52 pm Eastern Time Venezuelan oil minister urges more output cuts WASHINGTON, June 8 (Reuters) - Venezuelan oil minister Erwin Arrieta said Monday he wants OPEC and non-OPEC countries to commit to cutting another 250,000 barrels per day of oil output to restore sagging world oil prices. This would be on top of the 450,000 bpd in cuts agreed to last week by Venezuela, Saudi Arabia and Mexico for production beginning July 1. Arrieta told reporters he hoped to persuade other nations to make the additional cuts to reduce global production by 700,000 bpd. ''We expect (others) to join us in order to complete the amount in the order of (additional cuts of) 700,000 bpd,'' Arrieta said, speaking in English, at an impromptu news conference following his speech at the a luncheon sponsored by the Johns Hopkins University School of Advanced International Studies. Arrieta said he expected another major oil producer to announce this week that it would cut its oil output as well. He did not identify whether that would be an OPEC or non-OPEC member. Over the weekend, Qatar joined the group's efforts, saying it will reduce its output by 20,000 bpd to support the other cuts. The oil production cuts agreed to by Venezuela will not apply to the operations of U.S. oil companies in Venezuela, he said. Arrieta also said that $18 a barrel for Brent crude oil would be a price that balances the needs of both consumers and producers. Saudi Arabia's oil minister will visit Iran and possibly Kuwait on Tuesday to seek further oil production cuts. A well-placed OPEC source told Reuters Monday that other Gulf oil countries and major crude producing nations outside the region will announce later this week that they will reduce their oil output as well.