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

To: VLAD who wrote (36587)	2/3/1999 8:21:00 AM
From: Platter	Respond to of 95453

Feb 3 (Reuters) - An upturn in world economic growth and output cuts, especially by the OPEC oil producing nations, could push the oil price back up, Elf Aquitaine <ELFP.PA> chairman Philippe Jaffre said on Wednesday. He said that any increase was more likely to come in the second half of the year 1999 than in the first half. Elf has drawn up its internal 1999 budget on the assumption of an average oil price of $13.50 per barrel, against $10.7 on Wednesday, and $12.70 in 1998. "We see that stocks are still at very high levels and have only a weak tendancy to go down," Jaffre told journalists. "If there were to be a combination of a feeling of an upturn of the world economy, especially in Asia, and a reduction of production by OPEC, only at that moment will stocks come down seriously and could the price rise again," he said.