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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Cynic 2005 who wrote (7668)	10/5/1998 12:55:00 PM
From: MythMan	Respond to of 86076

Razor Sharp <g>

To: Cynic 2005 who wrote (7668)	10/5/1998 1:05:00 PM
From: Joseph G.	Respond to of 86076

<<LONDON, Oct 5 (Reuters) - Oil prices retreated on Monday as a summit between key producers Saudi Arabia, Venezuela and Mexico failed to surprise traders, with no new output cuts announced. International benchmark Brent was down nine cents at $14.27 a barrel by 1125 GMT, a yawning gap of six dollars below last October's average. The producer trio said after a meeting in Cancun, Mexico, that they would push to extend the three million barrels per day (bpd) of supply sacrifices they have already engineered this year. But they stuck by their pre-meeting signals that they would not announce further cuts. Saudi Arabian Oil Minister Ali al-Naimi later said in an interview that more oil output cuts were not the solution to weak oil prices. "We have to maintain this (production cut) discipline and watch the market because continuous production cuts are not the solution," Naimi told the Saudi newspaper al-Riyadh. Naimi and his Venezuelan counterpart Erwin Arrieta did say they would press the Organisation of Petroleum Exporting Countries (OPEC) to extend its 2.6 million bpd cutbacks by six months to the end of 1999. Luis Tellez, oil minister of non-OPEC Mexico said his country would extend by six months to the middle of 1999 its 200,000 bpd export cuts. Oil prices have enjoyed a mild recovery from summer lows near $11.50 as a big stock surplus is gradually whittled away. But the world's tottering economy threatens the recovery, and analysts express particular concern for price prospects in the second quarter of next year as winter demand wanes. Naimi said OPEC had two goals -- maintaining oil prices at a reasonable level of between $15 and $20 a barrel and extending their market share. "We have to increase our share in the oil market and not to leave the market open for other producers... As a group we can raise our income by increasing our share in the market," he said. OPEC Secretary-General Rilwanu Lukman said the group's next ministerial meeting in late November would discuss the producers trio's call to prolong production cuts. Lukman was taking part in a Venice industry conference grouping chief executives of 15 public and private sector companies to review business amid the oil price malaise. Prices in dollars per barrel: Oct 5 Oct 2 (1125 GMT) (close) IPE November Brent 14.27 14.36 NYMEX November light crude 15.54 15.64 >>