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To: pz who wrote (24374)	6/18/1998 8:49:00 PM
From: Czechsinthemail	Respond to of 95453

6/18/98 Energy Minister Reaffirms That Mexico Is Complying With Oil Cut MEXICO CITY -(Dow Jones)- Mexican Energy Minister Luis Tellez said Mexico has complied "scrupulously" with the oil cuts agreed to in Riyadh in March and will also do so on the further cuts agreed to in Amsterdam June 4. In a statement released late Wednesday by the Energy Ministry, Tellez said Mexico "is preparing itself for a rigorous implementation of the additional cuts" agreed to in Amsterdam. At the Amsterdam meeting with Saudi and Venezuelan ministers, Mexico agreed to cut exports a further 100,000 barrels a day as of July 1. Mexico reduced exports by 100,000 b/d as of April 1 as a result of the first agreement. The second accord "brings down the authorized level of exports to 1.64 million barrels a day during the second half of the year," Tellez said. The ministry also reiterated that Mexico would make its cuts in exports, rather than output, since domestic demand for oil has risen "at an exceptional pace" in 1998. It cited the director of state-owned oil monopoly Petroleos Mexicanos, Adrian Lajous, as saying Pemex's domestic oil product sales currently average 1.66 million b/d, and that the level of exports was "the effective control variable that measures our impact on the world market." Tellez said Mexico was looking forward to further announcements of oil cuts by other countries at the meeting of the Organization of Oil Exporting Countries set to begin June 24 in Vienna. "Mexico will work together with other producers - both members and nonmembers of OPEC - in this cooperative effort," he said. Meanwhile, Mexico's Energy Ministry announced Thursday that Mexico will send observers to the OPEC meeting in Vienna. It didn't say who those people would be, but reiterated that Tellez wouldn't be among them. The Mexican delegation also will include officials from Pemex, the Pemex press office confirmed. Although not a member of OPEC, Mexico has sent observers to meetings in the past. Mexico has had closer ties with its OPEC competitors in recent months, joining Venezuela and Saudi Arabia in leading efforts to reduce world crude supply to shore up prices. OPEC members are Algeria, Iran, Iraq, Indonesia, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Separately, Nigeria hopes OPEC will ratify larger oil production cuts than have already been pledged when members meet in Vienna, a source close to Nigerian oil policy told Dow Jones Thursday. The source said he believed around three million barrels a day in total needs to be removed from world oil supply by OPEC and non-OPEC countries. The March output cuts have removed "not much more than one million" barrels a day from the oil markets, he said. Hence, additional cuts of 1.5 million b/d would be the absolute minimum needed to support oil prices, he said.

To: pz who wrote (24374)	6/18/1998 8:51:00 PM
From: Broken_Clock	Read Replies (2) \| Respond to of 95453

SESI...don't you hate the way these IR and/or company guys waffle? I hope he doesn't mean that his business is suffering like NSS! Basically, a pretty non committal response. The Nasdaq volume is doubled but still the average volume of 270k is abnout 1/8 of todays volume. Look at the insider sales this past year...http://biz.yahoo.com/t/s/sesi.html