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

To: Crimson Ghost who wrote (43000)	4/22/1999 3:20:00 PM
From: upanddown	Respond to of 95453

George, the problem with Yamani in that so much of what he says has a "sour grapes" sound to it. When he was the SA oil minister, SA was the swing producer and Yamani was basically running OPEC and was the single most influential factor in oil pricing. He is always skeptical about OPEC resolve now that he is no longer the guy in charge. His statement about the recent rise being purely speculative has a lot of truth in it but ignores the fact that the long decline was also mainly speculative and had little to do with supply/demand fundamentals. The price of oil used to be set by actual transactions but now is mainly set by the price of the near-term WTI NYMEX contract. Good or bad, the tail wags the dog. John