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To: marc chatman who wrote (24666)	6/24/1998 2:07:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

8 PM in Vienna..I guess no formal announcement until tomorrow. Market seems to have already discounted cuts of 1.3 - 1.4 Mbpd. That would be much higher than earlier estimates but I get the impression that no matter how high the number is, the reaction will be "not enough". John

To: marc chatman who wrote (24666)	6/24/1998 2:15:00 PM
From: Tulvio Durand	Read Replies (1) \| Respond to of 95453

The way the announcement is phrased it would appear that the 1.4 m/b/d cut is from OPEC only. On the other hand, non-OPEC producers Mexico, Norway, Oman and Russia have sent observers to the OPEC meeting, and, prior to the meeting, Mexico joined with Saudi Arabia, Venezuela and several Gulf region countries in pledging to cut 823,000 barrels daily from the market. Therefore I am concluding that Mexico's and other non-OPEC cuts are most likely included in the 1.4 m/b/d number. Tulvio