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

To: Snowshoe who wrote (27117)	8/5/1998 2:40:00 PM
From: SJS	Respond to of 95453

That's a peek at the future. You can't stop supply because people are going to cheat to protect national interests (above board, or below it...via black market oil) The ONLY way to get oil going north again is to increase demand. While I really hate cold winters, it can't come soon enough....

To: Snowshoe who wrote (27117)	8/5/1998 2:41:00 PM
From: Intel Trader	Read Replies (1) \| Respond to of 95453

my guess earlier was to watch SLB in the 50 - 55 range for a sign of a reversal during a panic. I must move that range now to about 46 - 50. humbly, it

To: Snowshoe who wrote (27117)	8/5/1998 9:46:00 PM
From: Snowshoe	Respond to of 95453

Venezuela candidate Salas would slow oil expansion CARACAS, Aug 5 (Reuters) - Venezuela's plan to nearly double oil output in the next decade is too ambitious and should be revised, the second-placed candidate in presidential polls said Wednesday. ''It's not that the direction is wrong, just that the pace should be altered,'' former Carabobo state governor Henrique Salas, whose presidential bid is strongly favored by the business community, told a news conference with foreign correspondents. Ramon Espinasa, chief economist at state oil company Petroleos de Venezuela (PDVSA) said Tuesday that the state oil giant had adjusted its long-term output target to 5.8 million barrels per day (bpd) in 2008 from 6.2 million bpd in 2006. Venezuela will produce just over 3 million bpd in 1998. But Salas, who has surged in polls to emerge as former coup leader Hugo Chavez' main rival in the race for the December 6 elections, said PDVSA should stretch out its growth plans and think more in terms of a 30-year instead of 10-year strategy. ''Venezuela's great problem lies not in increasing production but generating wealth,'' the Yale-educated economist said. Salas added that he would not sell PDVSA's foreign assets as has been proposed by Chavez. ''Those assets are our channels of marketing,'' he said. Chavez, who has more than double Salas' approval rating in the latest survey by respected pollsters Datanalisis, argues that PDVSA's foreign assets, valued at over $10 billion, bring little to the state. But industry experts say the assets, mostly refining and marketing interests provide an assured market for Venezuela's mostly heavy crude.