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To: BigBull who wrote (39759)	3/12/1999 10:44:00 AM
From: bob stroup	Respond to of 95453

It only makes sense that a sell on the news scenario would occur but perhaps these oils may slowly rise on the news when more realize that life is coming back into this patch...

To: BigBull who wrote (39759)	3/12/1999 10:58:00 AM
From: Jon Cave	Read Replies (1) \| Respond to of 95453

100,000 share trade in GLBL at 8 1/16 I think. It disappeared fast. Another 100,000 share trade in GLBL at 8 1/32.

To: BigBull who wrote (39759)	3/12/1999 2:37:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

I don't know about you folks, but it sure sounds that from this story that the OPEC PR is being handled very well this time around. Energy News Fri, 12 Mar 1999, 2:25pm EST Mexico's Output Cuts to Be Based on Exports, Not Production The Hague, March 12 (Bloomberg) -- Mexico's contribution to crude oil output cuts agreed to by 13 countries will be based on export levels, rather than production, Mexico's deputy energy minister said. Mexico, which isn't a member of the Organization of Petroleum Exporting Countries, will 10 OPEC members and other non- members Norway and Oman in cutting world supply by more than 2 million barrels a day in an attempt to boost oil prices that fell to a 12-year low in December. ''Mexico's cuts will be announced later on but it is part of the agreement, which is expected to be more than 2 million barrels a day, and the basis of our cuts is on exports,'' Mexico's deputy energy minister Jorge Chavez said in a telephone interview from The Hague, where he attended a meeting of oil ministers from five countries at which the cuts were announced. While most of the supply cuts pledged last year by world producers were based on production levels, Mexico measured its cuts based on export levels. Adrian Lajous, head of state-run oil company Petroleos Mexicanos, who led the Mexican delegation to The Hague with Chavez, said the Amsterdam agreement would probably help boost oil prices to $18 a barrel by the end of the year. Lajous said non-OPEC countries promised ''significant'' cuts to help achieve the total. April crude oil futures in New York recently were up 37 cents at $14.68 a barrel. Details of the cuts will be announced when OPEC meets March 23 in Vienna, oil ministers said. OPEC's failure to approve new production cuts during its last meeting in November contributed to the plunge of New York crude prices to a 12-year low of $10.35 a barrel the following month. Oil officials arrived in the Netherlands eager to reach an agreement with a minimum of conflict, compared with the November OPEC meeting, Chavez said. ''One of the beauties of this meeting was the voluntary contributions made by the countries that were there, especially Iran, Venezuela and Saudi Arabia,'' he said. ''The mood, compared with other meetings was very good.'' After the November OPEC meeting, ''the market punished (producers) severely, this time the market will make up for that,'' he said. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.