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

To: SliderOnTheBlack who wrote (27972)	8/19/1998 12:51:00 PM
From: Tulvio Durand	Respond to of 95453

If Saudi Arabia, Mexico and Venezuela were to shut off their oil spigots for a month the glut problem would be solved and oil could gap up to $20+/bl. Are they capable of such bold action? I doubt it. These countries need steady $ inflow from oil sales in order to stay solvent. Blaming MM manipulation for the low oil prices is like blaming short sellers for a bear market. The real causes of low oil prices in declining order of near-term importance are (1) too much oil and no place to store it, (2) weak Asian and global economic outlook, (3) oil E&P technology too successful, (4) Caspian oil production 1999+ will add to glut, and is now starting to loom large in pricing oil futures. MM manipulation? I don't think so. Tulvio