Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: BigBull who wrote (41802)	4/7/1999 7:10:00 PM
From: BigBull	Respond to of 95453

Some oil news courtesy of Grey Wolf DUBAI, April 7 An Omani oil official confirmed on Wednesday that the country will cut its May term crude supply by more than the 8.2 percent planned. "It will be higher than the 8.2 percent. We will be discussing it over the next few days," the oil official told Reuters. He declined to give an exact figure for Oman's oil production cut levels in May and did not comment on when customers would be notified of the changes. Traders in Japan said earlier on Wednesday that Oman's reduction could be as high as 13 percent. Oman has already notified Japanese term lifters that it plans to cut supply by 8.2 percent in May in line with last month's Hague pact in which key oil exporters agreed to reduce crude output by slightly more than two million barrels per day (bpd). One source with a Japanese trading company said an official with Oman's Ministry of Oil and Gas (MOG) told him term lifters would be told of a revised figure "within a week". Buyer sources said Oman was making a further reduction so it could meet its global commitment to cut crude supply, a step taken to boost sagging crude oil prices. Oman's ambassador to Vienna said late last month the Gulf Arab state is looking to cut oil output by 63,000 bpd as its share under the Hague accord. This brings the total volume of supply reduction pledged since last year by Oman -- which is not a member of the Organisation of the Petroleum Exporting Countries (OPEC) -- to 113,000 bpd. LAGOS 7 April A group of youths, protesting against Mobil Corp following an oil spill last year, have seized Royal Dutch/Shell Group and Agip SpA oil facilities in the Niger Delta, press reports said. The youths from 61 communities have demanded 2 bln naira in compensation from Mobil over last year's spill and threatened to make operation difficult or impossible for all oil companies in the Niger delta if the money was not paid by midday yesterday. It was not certain how many barrels of crude have been lost because of the disruption. Ijawkeme Adam spokesman for the communities said the attack on the oil companies will be in phases and that more disruptions will be carried out in the next few weeks, until Mobil pays out the money.