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

To: Platter who wrote (35849)	1/26/1999 4:17:00 PM
From: upanddown	Read Replies (2) \| Respond to of 95453

The trick is had OPEC been a company, they would have cut production months ago, sufficient enough to push oil prices up to at least $15-16.00 Platter, the problem I have with this statement is that OPEC only produces 40% of world production with the remainder primarily produced by private companies. I doubt that anyone is surprised that OPEC compliance has been less than perfect but I am surprised that the privatized portion of the oil business has not been more responsive to market conditions and reduce its production levels. Laws of supply and demand don't seem to be working in the oil bidness these days.<G> That said, I agree that the half-hearted reductions to date are accepted as a failure and that more radical measures can be expected shortly. Hopefully, they will get beyond finger-pointing and blaming the other guy. John