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

To: Mike from La. who wrote (40674)	3/23/1999 3:26:00 PM
From: Crimson Ghost	Respond to of 95453

Why this oil bull is far from over. And more evidence that US supports the cuts. thr 019 oil-cges forecast dlrs 19 oil forecasted by end of year london, march 23, irna - the price of benchmark brent crude could be pushed back into the high-teens by the fourth quarter of this year if cuts agreed at the hague are ratified and fully implemented, according to the center for global energy studies. its new forecast comes as oil analysts have started to tear up their gloomy predictions of crude prices remaining around 10 dollars per barrel for the rest of 1998. in its latest monthly report, the center, chaired by former saudi oil minister zaki yamani, said even without the hague agreement, the oil market had already begun to look a little stronger, suggesting price would firm up towards 13 dollars per barrel (dpb). with full compliance, it forecast brent crude would average 15.1 dpb in the third quarter of this year and 19.3 dpb in the final quarter. even with similar compliance to the last agreed cuts of 77 per cent, the london-based center suggested rates would continue on a rising trend, reaching 14.8 dpb in the third quarter and 18 dpb in the fourth. in a speech at an energy conference in qatar on march 15, yamani suggested that u.s. energy secretary bill richardson may have played a role, when visiting saudi arabia ahead of the hague initiative. the agreement followed riyadh accepting iran's argument on the disputed starting point for the last round of cuts that was seen paving the way for the hague pact to reduce a further 2 million barrel per day from the world market. hc/hm end

To: Mike from La. who wrote (40674)	3/23/1999 4:21:00 PM
From: shust	Read Replies (1) \| Respond to of 95453

Mike, Some of these guys do turn to crime. I'm sure it's just not them. When oil people get laid off it definitely trickles down to other sectors. The laid off workers are real upset that they don't have work. They were paid decent wages and now they have nothing. Two days ago another collegue was driving and noticed some guy snatch a bag off some ladies back. She swerved to cut him off and he ran off. An Ensco guy was hijacked in a car a couple of weeks ago. They drove off with him for a couple of hours and then let him off in the middle of nowhere and told him to run. Car theft is a biggie. They apparently take them to Columbia. I could give more examples which have occurred within the past month. It's been amazing. This is what cutbacks in oil will do? I'll tell you this, the cutbacks are definitely happening in Venezuela. shust