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To: Think4Yourself who wrote (39663)	3/11/1999 2:54:00 PM
From: Box-By-The-Riviera™	Respond to of 95453

Thursday March 11, 1:52 pm Eastern Time Venezuela - More oil cuts should come from others He may have been referring to Iran, which earlier this week came to a secret agreement with Saudi Arabia over its disputed baseline production level decided last year by the Organization of Petroleum Exporting Countries (OPEC). Iran argues that the cartel underestimated its pumping capacity. Venezuela, at the 2.845 million barrels per day (bpd) production target it has promised to reach by March 23, is the world's eighth-largest oil producer, after Saudi Arabia, the United States, Russia, Iran, Mexico, Norway and China. The oil ministers of Iran, Venezuela and Saudi Arabia met other producers in The Netherlands on Thursday to hammer out another round of oil supply cuts. Two rounds of cuts last year have hardly lifted prices off their lowest levels in a quarter of a century, adjusting for inflation. The meeting was expected to deal with a proposal from major Gulf Arab exporters for a further worldwide production cut of 2.3 million barrels per day (bpd), a delegate close to the talks said. This would come on top of an OPEC and non-OPEC agreement to remove 3.1 million bpd from supply in 1998. Venezuelan government officials said Wednesday that the South American producer would try to persuade other oil producers to match its 15 percent cut before it would consider further reductions. Most Gulf producers cut only about 8 percent to 9 percent of their output last year.