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

To: diana g who wrote (43474)	5/3/1999 8:32:00 AM
From: diana g	Read Replies (3) \| Respond to of 95453

Qatar Cuts Oil Production in Line With OPEC Agreement to Boost Prices quote.bloomberg.com Qatar Cuts Oil Production as Agreed Under OPEC Pact on Prices Doha, Qatar, May 3 (Bloomberg) -- Qatar, which has been one of OPEC's biggest quota busters, said it has cut output as promised in March under a plan for 14 nations to reduce oil production to erase a global oil glut and boost prices. Qatar agreed to slash production by 47,000 barrels a day to 593,000 barrels a day. The Organization of Petroleum Exporting Countries and four other nations pledged to start cutting output on April 1 in a plan to trim world supply by 2.1 million barrels a day, or 2.7 percent. Qatar is the smallest oil producer within OPEC, yet in percentage terms it has been one of the group's biggest quota violators. ''We have fully implemented our cuts,'' said Abdullah Salatt, Qatar's OPEC governor. ''We expect compliance to reach much higher than 80 percent in May, and for the rest of the year.'' Oil producing states in the Persian Gulf region that pledged under the March agreement to cut output -- Saudi Arabia, Iran, Kuwait, U.A.E., Qatar, and Oman -- have all told Bloomberg News that they are in full compliance with the pact. These states account for over 50 percent of the total cuts promised. In London, June Brent crude oil rose 12 cents to $16.57 a barrel on Friday on the International Petroleum Exchange. Prices are about 52 percent higher than in early March, when producers first started discussing the round of output cuts. 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. Iran's Oil Minister Bijan Namdar Zanganeh told Bloomberg last month that he didn't 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.