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

To: Nello Filippone who wrote (30247)	10/1/1998 2:50:00 PM
From: Gameboy	Read Replies (2) \| Respond to of 95453

would not consider further cutbacks in talks starting on Thursday in the resort city of Cancun, Mexico. biz.yahoo.com Duration of oil-cut pact to be discussed - Mexico AUSTIN, Texas, Oct 1 (Reuters) - Mexico's Oil Minister Luis Tellez said on Thursday that he and counterparts from Venezuela and Saudi Arabia would discuss this week how much longer to maintain a production-cutting initiative aimed at boosting oil prices. He said they would not consider further cutbacks in talks starting on Thursday in the resort city of Cancun, Mexico. ''We will be discussing how long we will keep the agreement, given that next year, world demand will not be increasing substantially due to volatility in international financial markets,'' Tellez said in a joint press conference with Texas Gov. George W. Bush. ''We will not be discussing any further cutbacks. We will be discussing how the project is going and how the agreements are being fulfilled,'' Tellez said. Earlier this year, the three countries spearheaded a move by world oil producers to trim 2.5 million barrels per day of production in an effort to boost oil prices. Tellez said the pledges to cut back had largely been fulfilled. Tellez also said he and Bush discussed the possibility of integrating U.S and Mexico natural gas and electricity markets so that both commodities could flow easily across the border.