To: Charles A. King who wrote (10464 ) 3/12/1999 11:35:00 AM From: Charles A. King Read Replies (1) | Respond to of 13091
Friday March 12 9:31 AM ET Oil Producers Agree On Production Cuts THE HAGUE, Netherlands (Reuters) - Oil producer talks ended Friday with agreement to cut over two million barrels per day from the market, Saudi Arabian oil minister Ali al-Naimi told reporters. ''Its over two million,'' Naimi said when asked the extent of the cuts agreed. The cuts would include OPEC and non-OPEC producers, he said. Naimi was speaking on the second day of talks that also included the oil ministers of OPEC members Venezuela, Algeria, Iran and the deputy minister of non-OPEC Mexico. Delegates to Gulf Arab oil minister talks earlier this week had said that meeting had agreed to propose cuts of around two million barrels per day to fellow producers from within and without the Organization of the Petroleum Exporting Countries. It was not clear from Naimi's statement whether the proposed cuts would include a 305,000 barrels per day reduction that formed part of the resolution of a disagreement with Iran over its baseline output figure for cuts. Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.dailynews.yahoo.com All that really counts is how much they actually cut. OPEC credibility, especially of certain countries, is not the highest. Anyway, I filled up my gas tanks. Hope nobody minds that I clutter up the thread with this babble. Just a manifestation of my pain that the $%@# plant is not running. I have no idea what the price of feedstock or diesel is in Charleston, but I have a feeling we are going to wish that it was running at the 1000 rate. Charles