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To: BigBull who wrote (38646)	3/2/1999 10:36:00 AM
From: Big Dog	Read Replies (3) \| Respond to of 95453

Where did all the oil go? Within days, state oil monopoly Petróleos Mexicanos is expected to announce that the nation has proven hydrocarbon reserves -- crude oil and its equivalent in natural gas -- of around 30 billion barrels. This is approximately half the 60.2 billion barrels announced by Pemex Director General Adrián Lajous only a year ago. **Important** One of the biggest reasons for the lowered estimates is that the count is based on a drastic drop in oil prices. Reserve estimates are not just a measure of the amount of oil in the ground. They reflect the amount of oil and gas that can be profitably produced. Is this the first of things to come...??? Reserves around the world will be downgraded at $12 oil...sit and watch. Oil surplus? Not at this price. Not for long. Slider...I bet you are licking your chops. See full article at: chron.com big loosbrock.com

To: BigBull who wrote (38646)	3/2/1999 10:39:00 AM
From: BigBull	Respond to of 95453

Iran + Saudi + Elections: Are Iran and Saudi startin to make nicey nice? Maybe a deal carving up Iraqi quota 50/50 and cutting production 50%? This is pure SPECULATION on my part. It is designed to engender discussion only! thr 025 saudi-arabia-press kharrazi's visit to riyadh crucial: paper tehran, march 2, irna -- the english language daily 'tehran times' tuesday commenting on the imminent visit of iranian foreign minister kamal kharrazi to riyadh and the president's upcoming visit to saudi arabia said these visits will be a cornerstone in improving irano-saudi ties in particular, and promoting regional prosperity in general. iran and saudi arabia are the two heavyweights of the organization of petroleum exporting countries (opec) which is due to meet later this month, noted the article in the opinion column of the paper. furthermore both countries are mostly dependent on the black gold as the source of their hard currency. however, the international oil market which is presently facing its worst crisis during the past few decades, is sounding a note of alarm in most oil exporting countries, added the article. since iran and saudi are leading members of the opec, they can play a significant role in preventing the violation of the quota by certain opec members,. they can moreover use their clout with non-opec oil producers, and urge them to cooperate in keeping the oil prices stable. however, before the upcoming opec meeting is held, an exchange of views between the members of the organization is a necessity, noted the paper adding that in carving out a strategy for exploiting this god-given wealth in the best possible manner, all oil producers including non-opec states should also participate. as far as bilateral cooperation between the two countries is concerned, they have already signed a series of accords on closer ties in economic and commercial fields, noted the paper. both iran and saudi arabia as two major regional countries can play a crucial part in preserving peace and stability in the middle east which is presently disturbed by the presence of foreign forces. ''the iraqi regime, whose irrational policies have given the aliens a pretext for deploying and keeping their forces in the region is mostly to blame for the present situation,'' pointed out the daily. ''the present political climate in the region, in respect of iran's relations with its neighbors on the southern coast of the persian gulf can set the stage for all regional countries to remove their misunderstandings at the negotiating table,'' stressed the paper in conclusion. fh/ks end ::irna 02/03/99 14:35 washingtonpost.com Looks like the "old guard" got blown away in the recent Iranian Elections. Good God, didn't "Iranian Election" used to be a contradiction in terms. Whew, the times they are a changin'! Anybody have any ideas on how these election results will affect the upcoming OPEC meeting, if at all. C'mon thread, help out the poor old BigBull here. Please!!!!!!!