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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 (40753)	3/24/1999 1:48:00 PM
From: RBlatch	Read Replies (1) \| Respond to of 95453

Mike - Thank you for the kind words! The estimate of a two million barrel per day supply cut, really seemed like a no brainer to me. In talking to people familiar with the arab states, and hearing the dire straights that there economys were in, led me to believe that there was no choice in the matter of to cut or not to cut. As to arriving at the figure, 2 mill was what was necessary to draw down the "alleged over supply" in a reasonably short period of time. I still contend that we don't have a glut in crude oil. Only the perception of one. What I find ironic is that I feel the OPEC cut was/is not really necessary at this point in time in order to change the perceived course of the price of crude. All of the other market factors were already falling into place to cause our long awaited turnaround. Did the OPEC cut speed the turnaround along ? - most definitely. But turn it would have done anyway, probably within two months. I'm as excited about this sector as I've been able to be in a very, very long time. The general trend will now be up. The sun has "finally come out in the morning!" Cordially, Bob Blatchley