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

To: diana g who wrote (32523)	12/6/1998 10:11:00 PM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Diana--in my view--no one in OPEC will take Chavez seriously re adhering to agreed cuts since Ven has long been a major cheater.November compliance for example was terrible. Yes, I know Chavez has said he will abide by cuts but at this stage 'saying' does not equal 'doing'. Also, the larger question is would Chavez agree to even larger cuts (which will be necessary in the end from someone-private oil companies?)? I think the market will not run the wti price up very much in anticipation. And i stand by my thinking that ultimately we will test the 9.75 area of the early 1980's. That flag is still waving in the wind for the backing up bull to try to run into before he regroups and tries to head higher in earnest.My 2c