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

To: Razorbak who wrote (44817)	5/15/1999 12:15:00 PM
From: Denice	Respond to of 95453

Laughing!

To: Razorbak who wrote (44817)	5/15/1999 12:20:00 PM
From: Robert T. Quasius	Read Replies (1) \| Respond to of 95453

<<Whistle! Foul! Thread rules state quite clearly that you can't spam a stock to it's original spammer.>> I wouldn't even dignify that one with an answer.

To: Razorbak who wrote (44817)	5/15/1999 1:02:00 PM
From: Tomas	Respond to of 95453

Demand the big push for crude rally - Upstream, May 14 IEA figures show economic upturn is fuelling the oil market recovery STABILISING demand and lower supply are bolstering the resurgent oil price, fuelling optimism that its rally so far this year is based on solid fundamentals and not merely speculative froth. The latest evidence for this comes in May's monthly oil market report from the International Energy Agency, which highlights the crucial impact of the latest round of output cuts agreed in late March by Opec and several other countries for a total reduction of more than 2 million barrels per day. Compliance by the oil cartel to the total output cuts of 4.3 million bpd agreed over the past year is 85% and is expected to climb further in May, according to the agency. A Reuters survey pegged April compliance by Opec producers with their 1.7 million-bpd cut agreed in the latest round at just over 80%. Some analysts estimate April compliance at lower levels but there is an expectation that it should go higher in May as producers bring their production programmes in line with their new targets. But the oil price recovery has not only been about falling supply. The IEA report also painted a picture of recovering demand, revising its forecast for global oil consumption growth this year to 950,000 bpd, up 90,000 bpd from its prognosis a month ago. Aside from forecasts, the IEA also made significant upward revisions to its estimates for demand growth already seen in this year's first quarter. The IEA now believes demand for oil in the first quarter was 75.6 million bpd, up 600,000 bpd from its estimate in April, a figure that implies supply fell short of demand by 330,000 bpd. Within these figures there are also indications of demand bottoming out in Asia. The IEA said South Korean demand rose more than 10% in March and consumption was also higher in Japan. However, while both supply and demand numbers look healthier, there are many who worry at the rapid pace of the price recovery, citing the large positions that have been built up in futures markets by non-industry speculative investors and the reality that stocks have not yet been substantially run down. Algerian Oil Minister Youcef Yousfi, the current Opec president, said this week he is still concerned about high stocks, which "remain a threat weighing permanently on the fragile (market) balance attained". The Royal Dutch/Shell Group, which revealed healthy first-quarter results last week, remains cautious on its outlook for the global economy, saying that while there are "welcome signs of recovery in Asia" a quick rebound should not be expected. Shell pointed to significant excess output capacity after Opec's cuts and said it might be tough for producers, whose economies have suffered badly, to maintain production discipline. This danger was tacitly recognised by Yousfi, who said Opec members are in constant contact and urged oil exporters to adhere to their output pledges.