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

To: SargeK who wrote (28167)	8/22/1998 7:54:00 PM
From: Captain James T. Kirk	Respond to of 95453

Venezuela minister clarifies- sticking to oil cuts NEW YORK, Aug 21 (Reuters) - Teodoro Petkoff, Venezuela's Planning Minister, on Friday raffirmed that Venezuela will be sticking to its commitments earlier this year to cut 525,000 barrels per day (bpd) from its production, clearing up confusing comments he made the previous day. Petkoff had been reported on Thursday as saying Venezuela was considering rescinding some or all of its cuts. However, when asked in congress Friday if Venezuela might increase production, he said: ''That has never even been considered, we are complying with the accords.'' Indeed, his actual comments on Thursday were contradictory. When asked if Venezuela might increase the amount of output cuts he said: ''The government is studying that together with PDVSA.'' But he also concurred when asked if Venezuela could reduce the amount it was cutting: ''We're studying the possibility.'' A report focusing only on his first remark on Thursday helped push oil prices lower early Friday on the New York Mercantile Exchange (NYMEX), according to oil traders. Oil prices were still down in New York in early afternoon trading, with October-delivery crude quoted at 1420 EDT at $13.39 a barrel, off 41 cents from the previous day's close. Venezuela's oil minister, Erwin Arrieta, said on Friday he would meet with his Saudi Arabian and Mexican counterparts on Friday August 18. Mexican officials later said they would host the meeting of the three, which have spearheaded two rounds of output cuts this year in the face of weak oil prices. However, both Venezuelan and Mexican officials have said they will not discuss further cuts but will examine the effectiveness so far of cuts totalling 3.1 million barrels per day from OPEC and some non-OPEC producers. The cuts, which came in two stages in April and July, have yet to fully filter through to world oil supply and there have been accusations that several of the countries which have pledged to cut have not met their obligations. --------------------------------------------------------------------------------