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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 (42995)	4/22/1999 1:58:00 PM
From: PartyTime	Read Replies (1) \| Respond to of 95453

How come MRL turned from green to red? FLC which gained back its morning losses, is now red again as well. What's happening? Have we begun swimming in a mid-afternoon dip?

To: Mike from La. who wrote (42995)	4/22/1999 2:33:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 95453

More from Yamani: thr 036 opec-yamani opec needs long-term strategy, says yamani london, apr. 22, irna -- former saudi arabian oil minister zaki yamani thursday welcomed opec's recent agreement to boost crude prices by cutting production but warned more was needed than a 'quick fix' solution. last month's euphoria was a 'welcome change' to the doom and gloom in the oil industry, he said. oil prices, which have since risen by 60 per cent to 16 dollars per barrel (dpb), could well go over 20 dpb, if the cuts are rigorously implemented, he said. in a keynote address to his center for global energy studies' ninth annual conference, yamani suggested that while revenues will begin to swell, ''another surge in non-opec production, could come perhaps sooner than later and again and again opec will be under pressure.'' instead of using the income, most of the 12-member countries in the past have 'squandered billions on ill-conceived projects', he said. at the same time, opec, with 77 per cent of the world's oil reserves, has seen its share of production fall to 42 per cent. what was needed was a ''long-term strategy to stabilise oil prices and to bring opec's share of world oil production into better balance with its reserves,'' the former saudi minister said. also speaking at the two-day conference, president of italy's enichem, marcello colitti, said that all international oil companies were 'quite satisfied' to see prices recovering. the low prices, he said, had led to his company to review its upstream commitments and had not yet called off this review as the recovery may not last for an extended period. colitti argued the oil market had a tendency to fluctuate widely but said ''it should not reverse the trend toward making a more rational use of global oil resources.'' this, he said, should be ''through the elimination of politically motivated artificial barriers to investment'' in new opportunities. last month, his parent company eni joined elf of france in signing an $540 million contract to refurbish iran's doroud offshore oil field in defiance of u.s. sanctions threats. hc/ah end ::irna 22/04/99 21:00