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

To: The Ox who wrote (30691)	10/14/1998 10:23:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

Kuwait threatens to flood oil market October 14. KUWAIT (AP) -- Kuwait's oil minister has threatened to flood the oil market, warning the Gulf states will not tolerate other oil suppliers pumping beyond their quotas, a Kuwaiti newspaper reported Wednesday. "Patience has limits," the Arab Times quoted Sheik Saud al-Sabah as telling a seminar in Kuwait Tuesday. "We will not continue to pay the price for other countries' non-compliance. We refuse to be exploited." He did not specify which countries he was accusing. But he said both members and non-members of the Organization of Petroleum Exporting Countries were overproducing, destroying efforts to raise oil prices through agreements to cut back production. "We warn, as we have repeatedly warned that (Gulf Cooperation Council) states are capable of flooding the international markets," the official said, adding that Gulf countries can manage with "very low" prices while other producers cannot. However, he said "we hope that we will not be forced to resort to this policy because this will hurt all." Sheik Saud blamed the fall in oil prices on OPEC's agreement in Jakarta last year. The cartel decided then to boost its output by 10 per cent to 27.5 million barrels a day, and prices have taken a downward turn since despite two cuts that followed. Gulf oil prices are now about $12 US a barrel, up only slightly from the 10-year low they plummeted to last August.