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

To: waverider who wrote (32270)	11/30/1998 3:54:00 PM
From: The Ox	Read Replies (1) \| Respond to of 95453

From Rueters: Kuwaiti Oil Minister Sheikh Saud al-Sabah said Saturday that he feared prices could plunge to the $5 to $7 a barrel range. ''I am afraid that oil prices will deteriorate in the coming months,'' he said on his return from Vienna where OPEC held its winter meeting. The minister said producers needed to reduce output by an additional 1.5 million barrels a day to rescue prices. Bulging oil inventories, a mild winter and a divided OPEC could push prices even lower with no immediate reversal in the slump in sight, analysts said. ''There's no fear of supply shortage whatsoever,'' said Peter Bogin, associate director of Cambridge Energy Research in Paris. ''There's nothing out there giving the slightest hint that the supply and demand balance could tighten in the near term.'' Traders are hard-pressed to find any good news in the oil market. Inventories are high and a mild fall season in the United States has dampened demand, analysts said.