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

To: Elmer who wrote (37386)	2/11/1999 7:22:00 PM
From: shust	Read Replies (1) \| Respond to of 95453

I don't think any of the oil service/drilling people believe what any of these guys say. One day Chavez says he's going to keep cuts as is and then the next day he's telling people they are going to pump more. Who knows? If I had to answer cuts or no more cuts. I would put my money on no more cuts. I was with my wife and friends of ours last Saturday on the eastern shores of Lake Maracaibo watching the sunset drinking a few Polars. Not much action on the Lake. If any of you on the thread has been to this area please don't write and tell me to get a life. There isn't much to do in this neck of the woods. Watching idle rigs is a blast!! Sorry I couldn't add much Elmer, shust

To: Elmer who wrote (37386)	2/11/1999 7:24:00 PM
From: pz	Read Replies (1) \| Respond to of 95453

Wednesday February 10, 11:50 am Eastern Time Venezuelan oil cuts depend on shared sacrifice CARACAS, Feb 10 (Reuters) - Venezuela's new Energy and Mines Minister Ali Rodriguez said Wednesday that his country would comply with oil production cuts to the extent that other producers also complied. Talking in an interview on a local radio station, he said either all producers shared the sacrifice of lower output or other measures would be necessary. ''We will comply to the extent that the others comply, because I would not have any explanation for the Venezuelan people or for the national economy if we make a sacrifice and others do not comply,'' Rodriguez said. ''Either we share the sacrifice or we will have to take other measures,'' he added, without elaborating what those measures would be. Rodriguez added that he was consulting with various countries to see ''how to unify the criteria with a view to the next meeting'' of the Organization of Petroleum Exporting Countries (OPEC) on March 23. Venezuelan compliance with its agreed 525,000 barrel per day (bpd) production cut is widely seen as a precondition for OPEC to take any further steps to reduce oversupply on world markets. The previous Venezuelan government of Rafael Caldera, which left office Feb. 2, fell about 150,000 bpd short of its commitment to hold production at 2.8 million bpd, citing labor unrest and contractual obligations. OPEC delegates say the other big stumbling block for further OPEC action to combat low prices is Iran, which argues that OPEC gave it a mistakenly low benchmark production level from which to cut.