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To: NucTrader who wrote (26842)	7/31/1998 10:53:00 PM
From: Gameboy	Respond to of 95453

The OPEC cuts are right on target and working already. From the EIA information updated this past Wednesday: eia.doe.gov Note that the Total World contract prices have marched along like a little drummer boy: $11.00, $11.17, $11.30, and $11.49, from July 3rd to July 24th. Part of this is due to OPEC and another part of this is due to attrition from loss of marginal stripper wells and the continuing loss of offshore rigs, which fell worldwide by 5 just this past week. offshore-data.com We shouldn't be too critical of Venezuela for not cutting back another 200,000 barrels/day - afterall, their quota of cutbacks so far has been 525,000 from an EIA production figure in Feb of 3,370,000 barrels/day compared to the 725,000 barrels/day cutback of the Saudis from a February production figure of 8,760,000 barrels/day or the cutback of the Kuwaitis of 225,000 barrels/day from a February production figure of 2,210,000 barrels/day. Venezuela's cutback quota is already 15.6% compared to Saudi Arabia's 8.3% and Kuwait's 10.2%. Not anticipated by OPEC was Canada's cut back of 120,000 barrels/day last Friday. biz.yahoo.com Best of luck, Steve