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To: Charles A. King who wrote (10457)	3/10/1999 12:27:00 PM
From: Charles A. King	Read Replies (1) \| Respond to of 13091

Oil continues to climb even though Venezuela has said it would not cut its oil prices further. Gulf oil ministers want to cut production and the Iranian foreign minister is supposed to visit Venezuela. Venezuela also said it would not compete with Saudi Arabia for the US market any more. How can they not cut production if they are going to relinquish market share to the Saudis unless there is a certain amount of audience-oriented double talk in their messages? Meanwhile, the shares of oil producers jumped after crude oil price rallied 30 cents a barrel on news that major Gulf Arab producers said they favored a large cut in production to erase an enormous world glut. The Gulf Cooperation Council ministers had agreed on the need for a ''considerable reduction in current production,'' said a statement from the state Saudi news agency. dailynews.yahoo.com Charles