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To: goldsnow who wrote (23065)	11/18/1998 10:14:00 PM
From: goldsnow	Respond to of 116764

M E X I C O C I T Y (AP) MEXICO'S ENERGY secretary said Wednesday he was confident that members of the Organization of Petroleum Exporting Countries would follow Mexico's example and extend their crude oil output cuts through the end of 1999. Mexico's commitment, announced Friday, is part of a broad exporters' pact adopted this year to try to boost dwindling oil prices. Energy Secretary Luis Tellez said he had been in contact with individual members of OPEC, and those conversations have led to his confidence about the extension. Tellez said that if OPEC decides not to extend the cuts, Mexico would reconsider its decision to maintain oil exports at 1.64 million barrels a day. "Mexico expects a positive response from OPEC, but if OPEC does not extend its cuts, Mexico would change its export policy," Tellez said at a news conference. He did not elaborate. Tellez also said despite recent volatility that pushed Mexico's average crude export price below $10 per barrel, he expected crude exports will meet the budgeted $11 per barrel projection in 1999. The Mexican government, which relies on oil exports for a third of its revenue, has implemented wide-ranging austerity measures to compensate for lost revenue as a result of plummeting global oil prices. Last weekend, it announced a 15 percent hike in gasoline prices, prompting Mexican drivers along the U.S.-Mexico border to fill their tanks in American gas stations, where prices are considerably lower. The government has lost around $3.6 billion in 1998 as a result of lower world oil prices.