Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Platter who wrote (35353)	1/19/1999 10:54:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

January 19, 5:07 am Malaysia may cut output if oil prices dip-Mahathir KUALA LUMPUR, Jan 19 (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Tuesday that Malaysia may stop oil production if prices fall too low. ''If oil prices become too low we can even stop production. If the price goes down beyond the cost I don't see why we should produce,'' Mahathir told reporters at the Eid al-Fitr open house celebrations at his official residence. He was asked how the falling global crude prices would affect Malaysia's economy. Mahathir said the country could produce just enough for its own consumption and need not export since oil was not a significant part of its international trade. ''Our economy is 80 percent dependant on export of manufactured goods, not oil,'' he said. ''If they want to keep on producing so much oil, they can continue, we don't care,'' he said, without specifying who the ''they'' were, but seemingly referring to other oil producers. Asked how this would affect the national oil company Petroliam Nasional Bhd (Petronas), he said: ''Petronas will not be very much affected. We have not been very big in oil production, but we are involved in pipeline.'' ''If they want to keep on producing so much oil, they can continue, we don't continue,'' he said. Malaysia earned an estimated 7.26 billion ringgit from crude oil exports in 1998. In its annual economic report published ahead of the budget last year, the finance ministry estimated 1999 earnings at 7.28 billion ringgit. Production in 1999 is estimated to be 0.6 percent higher at 722,500 barrels a day, the report said. Exports of liquefied natural gas (LNG) were estimated to have earned the country 8.82 billion ringgit last year. LNG exports are expected to fall eight percent in 1999 to 7.53 billion ringgit, the ministry's report said. --