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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (6190)	3/20/1999 5:20:00 PM
From: AL R	Read Replies (1) \| Respond to of 24892

All / Kerm's Portfolio Portfolio updated for this week. Kerm upgrades some ratings. pangea.ca $18.00 Oil this year?? Why not? Who'd have thought we'd see $15.00 oil this March? Al

To: Richard Saunders who wrote (6190)	3/21/1999 10:15:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 24892

''The idea is $17 to $19 Brent,'' a Gulf official in Vienna said. ''By the third quarter you will see it around that level. Prices will rise when the market feels the cuts.'' OPEC To Ratify New Deal To Revive Prices 04:21 p.m Mar 21, 1999 Eastern VIENNA, Austria (Reuters) - OPEC oil ministers arrived Sunday for a meeting that will bless new output curbs aimed at reviving prices after oil's worst ever slump. Organization of Petroleum Exporting Countries members were confident no last minute snags would upset a prearranged accord on lower supply limits. ''We are finished, it is all done,'' Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah said. ''Absolutely. This time it is very clear and positive,'' Venezuelan Oil Minister Ali Rodriguez told reporters on his arrival in Vienna. ''It is concluded. There is nothing but solidarity,'' added a senior Iranian official. The deal thrashed out by five oil ministers in The Hague March 12, with the consent of others contributing, will cut output from 10 OPEC members 1.717 million barrels per day starting in April. The pact aims to restore the prices exporters were familiar with before Asia's financial crisis and oversupply sent oil markets crashing to less than $10 last year. ''The idea is $17 to $19 Brent,'' a Gulf official in Vienna said. ''By the third quarter you will see it around that level. Prices will rise when the market feels the cuts.'' Oil prices since the Hague pact have risen sharply but still remain no better than last year's $13.30 average for Brent -- a 22-year low. OPEC delegates said the duration of the new pact had still to be decided but that it was likely to be imposed for at least one year. It will reduce OPEC production to 22.976 million bpd from 24.692 million, excluding sanctions-bound Iraq. Non-OPEC Mexico, Norway and Oman together have pledged an additional 286,000 bpd of cuts. Russian Energy Minister Sergei Generalov, due in Vienna Monday, may also pledge lower exports from his country. OPEC, in control of more than half the world's oil exports, last year sliced output by 2.6 million barrels a day but it proved insufficient to ease huge stockpiles of oil. The cartel saw petroleum export revenues slump 30 percent, losing $50 billion. This time producer countries are confident they have resolved the issues that ruined last year's efforts at market intervention. They insist there will be no repeat in 1999 of the sloppy adherence by some countries with official output limits. ''There are no fears this time about compliance,'' a Gulf official who is familiar with Saudi policy said Sunday. ''Every country is willing to comply fully. They have seen the consequences when they do otherwise.'' A settlement two weeks ago between Saudi Arabia and Iran of the squabble that had blocked any earlier discussion of new oil cuts paved the way for the Hague pact. Venezuela's Rodriguez said his country, like other countries, would implement its lower production levels immediately. Meanwhile Iraq's Oil Minister Amir Mohammad Rasheed told reporters in Vienna that Iraq's oil exports might rise a little later this year but would not match last year's big jump. Oil consuming countries for the time being remain comfortably protected by a global inventory stock excess estimated as high as 500 million barrels in a world market that uses 75 million barrels daily. Copyright 1999 Reuters Limited.