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To: VLAD who wrote (31719)	11/11/1998 6:37:00 PM
From: pz	Respond to of 95453

Wednesday November 11, 8:46 am Eastern Time Arrieta says no new cuts, but may see Naimi Wed. BUENOS AIRES, Nov 11 (Reuters) - Venezuela's oil minister Erwin Arrieta re-iterated on Wednesday that his country would be considering no new oil production cutbacks to shore up ailing world oil prices. ''Not at all,'' Erwin Arrieta said when asked whether he felt further cuts would be possible. But he said that he may discuss market conditions with Saudi Arabian oil minister Ali al-Naimi on Wednesday if the opportunity arises on the sidelines of United Nations climate discussions in Buenos Aires. Both Naimi and Arrieta are attending the Nov 2-13 Buenos Aires summit, where world environment ministers have gathered to discuss measures for the industrialized world to cut its emissions of carbon dioxide and other heat-trapping gases in coming decades. ''Of course you meet in a city, you sit down and have a cup of coffee, and you talk about the latest developments,'' Arrieta told Reuters. He added that any extension of existing output reductions by major oil producers would be subject to future oil market developments. ''We are constantly monitoring the market and communicating among the ministers, and not just OPEC ministers,'' Arrieta said. ''Everything is subject to and depends upon the behaviour of the market,'' he said. The Organization of the Petroleum Exporting Countries (OPEC) has clubbed together with non-OPEC producers this year for two rounds of production cuts, pledging to shed a total of 3.1 million barrels per day (bpd) from world production. But the cuts have done little to support world oil prices, which have wallowed some $6-$7 per barrel lower than year-ago levels for much of this year. International benchmark Brent dipped below $12 a barrel on Tuesday, dangerously close to the 10-year low of $11.55 hit in August, and was trading in a range near $12.20 a barrel in midday London trade.

To: VLAD who wrote (31719)	11/11/1998 6:38:00 PM
From: P.Prazeres	Read Replies (3) \| Respond to of 95453

what if the outcome of this Iraqi skirmish is that Iraq is allowed to crank up production????

To: VLAD who wrote (31719)	11/11/1998 6:40:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

Wednesday November 11, 11:52 am Eastern Time FOCUS-Oil recovers as U.S. reinforces Gulf troops By Kate Dourian LONDON, Nov 11 (Reuters) - Oil prices battered by steep losses under a torrent of excess supply recovered slightly on Wednesday after U.N. staff withdrew from Iraq in preparation for a possible U.S. military strike. World marker Brent blend crude oil for December delivery traded 29 cents higher at $12.33 a barrel at 1426 GMT, a mild improvement following a loss of $1.23 late last week when prices fell precariously near to the 10-year lows seen in August. The oil price recovery was on the back of some short-covering following the withdrawal of U.N. weapons inspectors from Iraq in what a U.N. spokesman in Baghdad said was a precautionary safety measure. But the market barely budged on news that the United States had ordered a second aircraft carrier to the Gulf and additional warplanes including F-117 stealth fighters as part of its troop buildup in the region. ''Much of the short-covering against the Iraq situation has been done. For now the market is looking for something more solid to go on -- like the first missile,'' a futures trader said. Iraqi oil exports of some 1.9 million barrels per day (bpd) under the current phase of the oil-for-food programme, which expires later this month would continue uninterrupted, U.N. special envoy to Iraq Prakash Shah said in Baghdad. Oil analysts say the tensions over Iraq, which have simmered since Baghdad suspended cooperation with U.N. arms inspectors two weeks ago, have been factored into the price, which remains more than $6 below last year's average. They point out that with oil stocks in industrialised nations at high levels, it would take a very big supply disruption to have any impact on prices given that producers have already taken out some 3.1 million bpd from the market so far this year without much improvement in price. The International Energy Agency (IEA), the Western world's energy watchdog, said in its recent oil market report that commercial stocks in Organisation of Economic Cooperation and Development countries were 172 million barrels higher at end September than the same time last year. The Organisation of the Petroleum Exporting Countries holds its biannual meeting in Vienna on November 25 amid signs its leading members are opposed to further production curbs. OPEC members have watched helplessly as the crude stockpile and falling demand has frustrated their efforts to raise prices by agreeing a 10 percent cut in production this year. Venezuelan Energy Minsiter Erwin Arrieta reiterated on Wednesday that his country was not considering any new oil production cuts to shore up prices. That view has been echoed by OPEC giant Saudi Arabia, whose minister Ali al-Naimi is likely to see Arrieta in Buenos Aires on Wednesday where both are attending climate talks. Arrieta said he may discuss market conditions with Naimi if the opportunity arose on the sidelines of the conference. Prices in dollars per barrel: Nov 11 Nov 10 (1431 GMT) (close) IPE December Brent 12.32 12.04 NYMEX December light crude 13.73 13.52