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

To: Jon Cave who wrote (39767)	3/12/1999 11:18:00 AM
From: diana g	Read Replies (1) \| Respond to of 95453

More on Producers' Agreement ---- biz.yahoo.com Oil-talks-communique the Hague ''All countries represented at the Hague meeting have fully endorsed the proposed cut of over two million barrels per day as well as the distribution of the said output cut, which will be formalised by the OPEC conference on March 23,'' the statement said. Saudi Oil Minister Ali al-Naimi, whose country is the world's biggest oil producer and exporter, said of the accord which comes into force on April 1: ''It is an excellent agreement.'' He declined to discuss the baseline from which the cuts would be made, but adding that markets should instead concentrate on the magnitude of the proposed cuts. The meeting had grouped the oil ministers of OPEC producers Algeria, Saudi Arabia, Iran, Venezuela and non-OPEC Mexico. Yousfi said the cuts were agreed by 10 members of OPEC -- sasnctions-bound Iraq is excluded from the cuts -- plus Mexico and Oman. He said he was consulting other non-OPEC producers including Russia and Norway, which had expressed willingness to participate.