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

To: Gameboy who wrote (30578)	10/10/1998 11:02:00 AM
From: Crimson Ghost	Respond to of 95453

Bloomberg reports Shell is cutting 20% of its exploration and production workforce -- 740 workers

To: Gameboy who wrote (30578)	10/10/1998 1:16:00 PM
From: Paul Angell	Read Replies (1) \| Respond to of 95453

Gameboy, The anomaly in IEA figures could eventually spike the oil price up. This is the best news I have seen for a long time. <<we see that 2nd qtr total world supply was 75.0 mb/d and demand was 72.2 mb/d, which contributed to our present 'glut' (a build of 2.8 mb/d) which was even worse than the 1st qtr build of 1.1 mb/d.>> In 1996 world oil supply was 71mmbpd, and the oil price was $20 - 25. Without Asian recovery we need to see supply getting down in the 72 range and it looks very promising if OPEC cuts can be sustained. Paul.