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

To: Platter who wrote (38760)	3/3/1999 10:50:00 AM
From: Mike from La.	Respond to of 95453

Plea to Opec on oil quotas ABU DHABI: UAE Oil Minister Obaid bin Saif Al Nasseri yesterday said Opec producers should comply fully with existing supply curbs before any new cuts could be considered to rescue battered oil prices. I dont think anyone will back more output cuts without compliance. Whats the point of deciding on a cut without compliance? Al Nasseri said. The proper action first is full compliance with agreements. Opec ministers are meeting in Vienna on March 23, with oil prices at 22-year lows in real terms despite 2.6 million barrels per day (bpd) of cuts agreed by the group last year. Al Nasseri said that he estimated Opec compliance was now at 70 per cent to 75pc. Unfortunately Im not satisfied with the compliance level at the present time. Al Nasseri said failure by Opec to reach an agreement in Vienna would have a grave impact on the oil market. Without an agreement it will be chaos. It will be disastrous for the price and for the market, he said. - Reuter