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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: BamaReb who wrote (9025)	7/31/1998 7:39:00 AM
From: DRRISK	Respond to of 11888

Thread, dimgroup.com This is what we face, this is what GF knows he has to fix, when he fixes it we go higher. Nothing else matters right now, unfortunately. Have a nice day! DrRisk

To: BamaReb who wrote (9025)	7/31/1998 7:55:00 AM
From: DRRISK	Read Replies (1) \| Respond to of 11888

Oil prices retreat on US crude purchase doubts LONDON (July 31) : Oil prices retreated on Thursday on doubts that the United States would carry out planned crude purchases to replenish strategic reserves. Benchmark North Sea Brent crude was 19 cents lower at $12.87 a barrel at 1735 GMT. Prices had risen on word that the US Senate had voted to buy 28 million barrels of oil to replenish stocks in the government's Strategic Petroleum Reserve. The buying could start as soon as October. But prices dipped later on a comment by the US Department of Energy that the Senate's proposal raised budgetary concerns. A spokesman said the department had its own initiative to carry out such purchases without spending taxpayers' money. "It won't put much of a hole in the global stock overhang so this influence is not particularly significant," analyst Leslie Nicholas of GNI Energy Research said of the Senate's oil purchase plan. "Overall, crude wants to rally but the products are a real drag," he said. Soaring US product stocks this week coupled with disappointing implied gasoline demand for what is dubbed the summer driving season pushed gasoline futures to four-year lows in the United States on Wednesday. Glutted oil markets remain about six dollars under year ago levels, causing severe budgetary problems for members of the Organisation of the Petroleum Exporting Countries. Saudi Arabia, the world's biggest oil producer and exporter, has resorted to internal measures to cope with the prolonged decline in oil - its main revenue earner. The kingdom's cabinet issued a secret decree, a copy of which was obtained by Reuters, calling for a halt to new project deals, 10 percent cuts in some signed contracts, a freeze in state hiring and cutbacks in purchases. ..........A Western diplomat called the content of the decree "sensational." .........."The market largely ignored yesterday's remarks about further output cuts. I suppose they (OPEC Gulf states) must be getting a bit desperate," said one floor trader. ..........Saudi Arabia has already pledged to cut oil output by 725,000 barrels per day since March as part of a package of OPEC reductions totalling 2.6 million bpd this year to try to rescue prices. ..........Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah on Wednesday said oil exporters would have to cut output further if Brent prices remained below $17 in November. ..........Prices in dollars per barrel: ================================ July 30 July 29 (1735 GMT) (close) ================================ IPE September Brent 12.87 13.06 NYMEX September light crude 13.98 14.09 ================================ --Reuters brecorder.com This is a great site for world Oil news. DrRisk