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

To: JungleInvestor who wrote (39665)	3/11/1999 3:00:00 PM
From: diana g	Read Replies (1) \| Respond to of 95453

Saudi's Naimi says expects new oil cuts soon biz.yahoo.com Thursday March 11, 2:06 pm Eastern Time AMSTERDAM, March 11 (Reuters) - Saudi Arabian oil minister Ali al-Naimi said on Thursday that he expected ''substantial'' new oil output cuts soon. He indicated that further discussions would be needed but that he hoped for an agreement ''soon.'' ''The cuts will be substantial,'' he said. Naimi was speaking to reporters at his hotel in Amsterdam after meeting with his counterparts from Iran, Venezuela, Algeria and officials from non-OPEC Mexico, but did not make clear whether there would be further discussions on Thursday. The morning's talks had been held in The Hague and had been expected to discuss a proposal from major Gulf Arab oil exporters for a total OPEC and non-OPEC oil production cut of about 2.3 million barrels per day (bpd). The plan emerged from a meeting of Gulf Cooperation Council oil ministers in Saudi Arabia on Wednesday, a delegate close to those talks said.