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

To: Douglas V. Fant who wrote (43300)	4/27/1999 2:57:00 AM
From: articwarrior	Respond to of 95453

From the Northwest we respectfully request to join the charge with two brigades of Arctic north and a Tequila Sunrise to shake the ice from my trigger finger. Setting siege to TCMS at 3 1/4 FLC at 7 5/8 and praying for 7 1/2 on TMAR.... Fortifications and supply lines set in place from SESI, PGEI, RRC and what else OIL! New weaponry bought forward.... Calls...HAL...CAM...and holding (the bag) with RIG.

To: Douglas V. Fant who wrote (43300)	4/27/1999 9:05:00 AM
From: BigBull	Read Replies (1) \| Respond to of 95453

HUZZAH - Douglas - Kuwait is in, Iran not too far behind + an interesting little article on the Indian supply/demand picture. Energy News Tue, 27 Apr 1999, 8:58am EDT Kuwait Says It's Cut Crude Oil Output Under OPEC Plan to Boost Oil Prices Kuwait, April 27 (Bloomberg) -- Kuwait, the seventh-biggest oil producer in OPEC, said it has cut output as promised last month under a plan for 14 nations to reduce exports to erase a global oil glut and boost prices. Kuwait agreed to slash production by 144,000 barrels to 1.836 million barrels a day. The Organization of Petroleum Exporting Countries and other nations pledged to start cutting output this month in a plan to trim world supply by 2.1 million barrels a day, or 2.7 percent. Kuwait has ''fully implemented our cut since the beginning of April,'' said Talal Yacout, a spokesman for Kuwait's oil ministry. ''We have notified our customers that May loadings would be reduced in accordance with the OPEC agreement, and would remain at that level for the foreseeable future,'' he said. Meanwhile, crude oil fell more than 1 percent yesterday in New York, dropping for a second day on expectations that producers are delaying promised output reductions. Crude oil for June delivery fell 28 cents, or 1.6 percent, to close at $17.66 a barrel on the New York Mercantile Exchange. Prices still are 55 percent higher than in mid-February. If exporters fulfill their promises and demand rises as forecast, it would be the first time since the fourth quarter of 1996 that oil demand will exceed supply, the International Energy Agency reported. Compliance Analysts said they are confident that OPEC will comply with the new agreement to cut output. ''There are many forces at work here to ensure compliance,'' said Mohammed Abduljabbar, an oil analyst with Washington-based Petroleum Finance Company. ''This agreement has been built on the commitment of senior political figures - presidents and kings - and besides, no OPEC member can afford to see prices collapse again,'' he said. Prices are down 3 percent from Thursday's 16-month high of $18.22 a barrel. Independent supply estimates will be released next month, and any sign that producers are exceeding output targets would accelerate the decline. Iran's Oil Minister Bijan Namdar Zanganeh told Bloomberg last week that he did not expect full compliance to the new output cuts in April. ''I think they will comply near fully, not 100 percent but more than 90 percent, but not in April, in May,'' he said. OPEC met 77.6 percent of its promised oil output cuts in March, according to a Bloomberg survey, up from 70.7 percent the month before. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved. thr 024 india- oil decline in oil production causes concern in india new delhi, april 25, irna -- decline in oil production causes serious concern in india. the standing committee on petroleum and chemicals has warned the center that in case its domestic production did not keep pace with the increasing demand, the country's import dependence on crude and petroleum products is likely to go up from the present 35 million metric tons to 78 million tons by 2000-2001. it is estimated that the oil import bill could cross the usd. 7.5 billion mark, the highest recorded import bill registered in 1996-97. the committee pointed out that while the production of crude stagnated at 33-34 million metric tonnes during the past three to four years, it registered a negative growth rate of four percent during april to november. report has called for greater efforts to raise domestic production through more exploration activities and tapping other source of energy. the demand for petroleum is estimated to grow at a compound annual growth rate of 5.7 percent and touch the 104.80 million ton mark in the terminal year of the ninth plan. moreover, the committee added, the dependence on imported oil would rise from 60 percent to 70 percent in 2001-2002 given the continuous stagnation in the oil production in the past few years. "as per the estimates, with the present production rate of hydrocarbon, reserves will be fully utilised by 2016, unless more recoverable reserves are found. this makes it all the more necessary to enhance and expedite the exploration activities in a big way", the committee added. ma/ms/rr end ::irna 25/04/99 14:18