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

To: marc chatman who wrote (31184)	10/27/1998 2:11:00 PM
From: Robert Floyd	Respond to of 95453

DO was downgraded by Prudential early this week. I think it was on the 23rd.

To: marc chatman who wrote (31184)	10/27/1998 3:36:00 PM
From: marc chatman	Respond to of 95453

Saudis get tough on OPEC Crown Prince cites 'brothers' who have ignored cartel's supply cuts October 27, 1998: 2:40 p.m. ET CAPE TOWN, South Africa (Reuters) - Saudi Arabia fired a warning shot Tuesday across the bows of fellow OPEC producer states by making its sharpest call yet for full compliance with promised oil supply cuts. Saudi Crown Prince Abdullah, in a rare public statement, said other members of the Organization of Petroleum Exporting Countries are to blame for continued low oil prices because they have failed to fully implement agreements on cutting supply from the glutted world market. "There were decisions by OPEC that would have maintained the oil prices had everybody kept to them," the Crown Prince, heir to the Saudi throne, said in an interview with Saudi newspaper al-Riyadh. "But unfortunately, there are some brothers in OPEC who did not abide by these decision." Market analysts said the Saudi warning appeared to all but extinguish the prospects of any serious discussion of further output reductions at an informal meeting of OPEC ministers in Cape Town . "If they're saying they haven't met their existing cuts, it doesn't make sense to me that they would cut further," said Mehdi Varzi of Dresdner Kleinwort Benson. "I would have thought this rules out any idea that the Saudis might seriously entertain further cuts," said a London-based analyst who declined to be named. "Although overall compliance seems to be good the Saudis are obviously upset with one or two who are not toeing the line." OPEC members agreed this year to remove 2.6 million barrels a day (bpd) from the 25 million bpd world market after oil prices hit a 10-year low. Non-OPEC producers, led by Mexico, chipped in with another 500,000 bpd of cuts but oil prices remain mired at around $13 for benchmark Brent, down $6 from last year's levels. Industry monitors have identified both Venezuela and Iran as having patchy records on compliance since a second round of cuts in June. Venezuela remains about 100,000 bpd above its 2.85 million bpd ceiling and Iran only recently got close to its targeted supply cut. OPEC members have said they expect to meet on the sidelines of a conference in Cape Town that starts Thursday. Ministers and senior officials from some 50 oil producing and consuming nations began gathering Tuesday for the talks, the sixth round since the 1990-1991 Gulf War.