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To: Ahmed Elneweihi who wrote (39156)3/7/1999 4:25:00 PM
From: Crimson Ghost  Respond to of 95453
 
Ahmed:

$5 oil is indeed crazy. Iran and Russia will not just sit there as Saudis destroy their oil industry. Too, if the Saudis drive oil to $5 for the sole benefit of the the West, a hundred, nay a thousand Ben Lidens will pop up. The whole region probably would explode at some point, driving oil to $40 or more. Not to mention the grave problems $5 crude would inflict on Mexico and Venezuala -- close US neighbors

I view this $5 oil talk as a tactic to frighten OPEC and non-OPEC producers into agreeing to production cuts and sticking to them.