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

To: BigBull who wrote (40323)	3/18/1999 1:32:00 PM
From: BigBull	Read Replies (3) \| Respond to of 95453

Venezuela to CUT addtional $125,000 bpd. Doesn't $18 Brent translate to about $20 WTI? Energy News Thu, 18 Mar 1999, 1:22pm EST Venezuela Plans Oil Cuts of 125,000 Barrels a Day (Update1) (Adds details on output cuts, prices, jobs, starting in 5th paragraph.) Caracas, March 18 (Bloomberg) -- Venezuela said it plans to cut oil production by 125,000 barrels a day as part of an agreement among oil producers to boost prices. Energy and Mines Minister Ali Rodriguez revealed the figure under persistent questioning during a congressional hearing. Rodriguez earlier implied that Venezuela's cut would be closer to 75,000 barrels a day. Venezuela is currently producing 2.845 million barrels a day, after already cutting output by 525,000 barrels a day under three previous accords. The Organization of Petroleum Exporting Countries, along with Norway, Mexico and Oman, which together account for almost half the world's oil supply, last week agreed to output cuts of 2 million barrels of oil a day, or 2.7 percent of world supply. Venezuela is currently producing 2.845 million barrels a day, said Rodriguez. With the latest cut, production will slip to 2.720 million barrels a day. Rodriguez said earlier that OPEC hopes the cuts will boost the price of Brent crude to $18 a barrel. Brent crude oil for April delivery was recently 60 cents higher at $13.87 a barrel on the International Petroleum Exchange in London. State oil company Petroleos de Venezuela SA will also cut its workforce, Rodriguez said. He gave no figures for the number of pink slips the company plans to hand out. PDVSA's sole shareholder is the Venezuelan government. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.