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

To: Think4Yourself who wrote (40388)	3/19/1999 8:35:00 AM
From: diana g	Respond to of 95453

Re: Smith Barney's Gignoux on OPEC Meeting: Commodity Comment -- Bloomberg (bold from me --- d) quote.bloomberg.com London, March 19 (Bloomberg) -- The following are comments by Peter Gignoux, head of oil brokerage at Salomon Smith Barney, on the March 23 meeting of the 11-nation Organization of Petroleum Exporting Countries. Some of the group's members promised more output cuts, in addition to those implemented last year, to boost low oil prices. ''Two rounds of cuts, amounting to 5 million barrels a day, will have a dramatic effect on crude prices. ''The foundation for this agreement is based on negotiations between heads of state. We've upped the stakes and gone from oil ministers to the fellows that run these countries, so there is a lot of personal prestige at stake and country-wide prestige. ''This makes this meeting a unique OPEC meeting. ''We won't get a 100 percent compliance - if we got 80- 85 percent we are still taking quite a lot of oil off the market.'' The production cuts could ''take it (Brent crude oil prices) all the way up to $18 a barrel.'' This could encourage producers to re-invest in exploration and production although it will be ''in due course - it will take more than a blip on the screen before people pull out their check books - they will wait until the year end.''

To: Think4Yourself who wrote (40388)	3/19/1999 8:41:00 AM
From: gmccon	Respond to of 95453

Thanks, I see the CEO was buying at 5. Its sitting on it's all time low. It might be hard to avoid if it goes into the 3's for any reason.