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

To: Mike from La. who wrote (32791)	12/13/1998 8:44:00 AM
From: Crimson Ghost	Read Replies (2) \| Respond to of 95453

Bloomberg reports this morning that the Gulf prodcuers have rejected Libya's call for a one month moratorium on oil exports. At the same time they do admit that strong action must be taken soon to reduce output by at least 1.5 million barrels per day. Still think we will see output cuts as soon as the cheaters and non-OPEC producers come into line. Not one day earlier. And not one day later.

To: Mike from La. who wrote (32791)	12/13/1998 2:53:00 PM
From: Mike from La.	Respond to of 95453

I didn't mean to draw any connection between a possible price war and the Saudi's inviting oil companies to submit plans for developing Saudi resources. They were going to do that any way, they are exploring the possibility of production sharing contracts. For a price war, they don't need to do anything but refuse further cuts, or increase production by a few hundred thousand barrels, which they can easily do right now. I've seen conspiracy theories that the Saudis and some oil companies are making a move to take over total control of the oil markets, but I don't see any real evidence to support that theory. Mike from La.