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To: Snowshoe who wrote (32491)	12/5/1998 6:33:00 PM
From: Captain James T. Kirk	Respond to of 95453

OPEC could hold special meeting before March-Lukman By Barry May MUSCAT, Dec 5 (Reuters) - OPEC's secretary-general said on Saturday the oil cartel would not rule out holding an extraordinary meeting to deal with the world oil price crisis before its next scheduled session in March. ''If things should warrant another meeting before March, I am sure (OPEC) member countries would institute such a meeting,'' Rilwanu Lukman told reporters in Muscat. Lukman was speaking at a news conference on the sidelines of international economic forum in Oman, a small, independent oil producer which remained outside the Organisation of Petroleum Exporting Countries (OPEC) but cooperates with its decisions. Oil ministers of the 11-member OPEC failed in their regular winter meeting in Vienna last month to take any action to rescue oil markets depressed by lowest prices since 1976. Previously agreed production cuts totalling 2.6 million barrels per day (bpd) -- some 10 percent of OPEC output, remain in place until June, although independent monitors say several countries desperate for cash have been cheating on their quotas. Iran and Venezuela have been singalled out as prime production quota busters. The Vienna meeting was marred by bitter squabbling over compliance with two rounds of oil production cuts agreed earlier this year aimed at bolstering prices. Lukman said OPEC , which is dominated by the world's largest producer and exporter Saudi Arabia, has limited power to impose strong output discipline on member countries because they are sovereign states. ''We don't have the power of sanctions...You cannot embargo a country for violating its quota,'' he said. At the inconclusive Vienna meeting, ministers agreed to meet agian in March as previously scheduled. Analysts said OPEC would need to cut another 1.5 million bpd then to lift prices above current levels of around $10. ''Right now there is an agreenment in place which is valid until June,'' Lukman said. ''So, we already have that in our pocket...The conference reserves the right to hold an extraordinary meeting.'' The former Nigerian cabinet minister said there was too much oil in the market. But he added : ''We can't go on cutting, cutting, cutting for ever.'' Lukman reiterated OPEC price targets of $15-$20 per barrel. ''OPEC would be happy with a price range of $15-$20. That is the price we would like to see in the market. That is the price we are working towards,'' he said. Lukman sidestepped a question about the likelihood of a separate meeting between Saudi Arabia, Venezuela and Mexico -- architects of this year's first round of production cuts. ''The three so-called architects met early last week in Vienna. It is up to them if they want to meet so soon after that,'' he said, adding :''There are consultations going on all the time.'' Lukman said the present environment of low oil prices and subdued demand had created uncertainties and sharpened the perception of investment risks for producers and investors. ''This has the disturbing potential of derailing what ordinarily would have been a timely investment to cater for projected high volume demand in the medium to long term,'' he said. ''Unless investors begin to take action soon enough, especially given the long-lead time for oil and gas expansion projects to come onstream, the seeds of drastic oil price volatilities as a consequence of inadequate supply caused by under-invsetement, would have been sold.'' --------------------------------------------------------------------------------

To: Snowshoe who wrote (32491)	12/5/1998 6:37:00 PM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

World: Americas Coup leader topping Venezuelan polls Hugo Chavez: Popular figure in poor areas of Caracas In the run-up to presidential elections on Sunday, voters in Venezuela are divided between a one-time coup leader, favoured by the poor for his promises of radical reform, and a former state governor, who has the backing of business leaders. Hugo Chavez, a former paratrooper, has been riding high on a wave of popular discontent with the traditional political parties blamed for years of falling living standards. He accuses them of corruption and mismanagement of the country's vast oil wealth. For the first time in more than 40 years neither of the two main centrist parties which have traditionally dominated Venezuelan politics have put forward a candidate. American educated: Henrique Salas main opponent Mr Chavez's populist rhetoric has brought him support with the masses, but his authoritarian background has provoked fears within Venezuela's business establishment They are backing the independent candidate Henrique Salas Romer, an American-educated businessman who built a reputation for efficiency during his time as governor of the industrial state of Carabobo. As polling day nears, tensions are rising with leading candidates heightening their exchanges of bitter accusations. Recent opinion polls have given Mr Chavez a significant lead but observers consider the outcome of the race to still be wide open. Falling economy In the last ten years the global slump in oil prices has badly affected the economy of the oil-rich country and living standards have taken a battering. Mr Chavez has promised a new start, a new constitution, what he calls "clean government" and a more egalitarian society. But critics say Mr Chavez, who led a failed coup attempt in 1992, is a disguised anti-democratic strong-man and is ill prepared to tackle the country's economic problems. Opinion polls have been favouring Mr Chavez by between eight and 12 points. But with two thirds of state governments recently deciding to back Mr Salas, the BBC's Correspondent in Caracas, Raymond Collis, says the race is far from decided.