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

To: Mike from La. who wrote (39183)	3/7/1999 8:24:00 PM
From: Harlan Moore	Read Replies (1) \| Respond to of 95453

Those OPEC guys crack me up. I vote 0-500,000 barrel cut. no more than 500,000. However, if crude is still trading up in the morning, I think I will vote with my pocket book and buy some more FLC. It's bloody cold in Seattle, and I'm burning oil like a mother. Teardown

To: Mike from La. who wrote (39183)	3/7/1999 8:25:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

crude now up 30 cents to $13.60

To: Mike from La. who wrote (39183)	3/7/1999 8:45:00 PM
From: Robert H.	Read Replies (1) \| Respond to of 95453

NEWS IS LOOKING UP. Venezuela Oil Unions Threaten Strike Over Proposed Job Cuts Venezuela Oil Unions Threaten Strike Over Proposed Job Cuts Caracas, March 5 (Bloomberg) -- Venezuelan oil unions said they would strike if the government proceeds with plans to reduce the workforce at the state oil company, presenting President Hugo Chavez with his first major labor challenge. Energy and Mines Minister Ali Rodriguez is slated to outline on Monday plans to cut costs at Petroleos de Venezuela SA to officials at Fedpetrol, the country's largest oil union. El Nacional reported that the company's workforce of 42,000 could be pared back and the salaries of white-collar employees cut to take into account falling oil prices. ''We are warning the government that it wouldn't be wise to proceed'' with the reductions, said Bladimiro Blanco, under- secretary general of Fedepetrol. ''We are seeking a dialogue but we will go to a conflict'' if necessary. A prolonged strike could disrupt supplies at the U.S.'s largest foreign supplier of oil. Venezuela produces about 2.9 million barrels a day, with about half of the amount sold to companies in the U.S. ''More than 10,000 contract workers in the oil industry have been laid off since the second half of 1998,'' said Blanco. A restructuring of PDVSA, which Chavez has said needs to be put under tighter control because of its extravagant spending and bloated workforce, could push up unemployment. PDVSA has 42,000 employees; the 19,000 white-collar workers are expected to bear the brunt of any cost-cutting. Low oil prices, coupled with the country's decision to cut output by 525,000 barrels a day as part of an agreement by oil producers, are the chief factors behind the decline in revenue. Oil workers struck for 24 hours in early January. They also carried street demonstrations last month in the eastern states of Anzoategui and Monagas that damaged property. No injuries were reported. ''Workers are restless,'' said Blanco. ''We are afraid that we are losing control.'' --------------------------------------------------------------------------------

To: Mike from La. who wrote (39183)	3/7/1999 8:50:00 PM
From: sportsman	Respond to of 95453

I have mixed feelings about a rally in oil prices before the OPEC meeting. I think if we rally to near $15, then OPEC won't agree to anything. Lower oil prices might force OPEC to really agree to something and stick with it. More short-term pain might bring greater long-term gains. Sportsman