Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (45457)	5/26/1999 6:59:00 AM
From: Think4Yourself	Respond to of 95453

IPAA chairman confident OPEC will keep its word on oil cuts The Journal Record ROSWELL, N.M. (Bloomberg) -- Small U.S. oil producers are counting on OPEC to give another jolt to prices this year. Even after rising 50 percent in the past three months, oil at about $17 a barrel is still cheaper than the $21 target set by the likes of Saudi Arabia, Iran and Venezuela, said George M. Yates, chairman of the 5,000-member Independent Petroleum Association of America. After meeting with Venezuela's oil minister Ali Rodriguez, Yates said he's convinced the Organization of Petroleum Exporting Countries will cut production again if prices fall below $17 on the New York Mercantile Exchange. Likewise, if OPEC finds prices higher than $25 for WTI, it could raise output to balance supply and demand, said Yates, who recently returned from meeting with [ Petroleos de Venezuela ] officials in Venezuela. "Venezuela made a very convincing case that it will keep its OPEC quotas," said Yates, whose visit comes on the heels of IPAA's decision to seek a Commerce Department investigation into whether foreign oil producers sought to decrease prices and unfairly drive down domestic production. Yates said he was impressed with Rodriguez' commitment to keep to the quotas and raise prices. "Ali Rodriguez will convince you that Venezuela will keep to its OPEC quota," said Yates, who is the president of the Harvey E. Yates Oil, a small New Mexican producer. "In PDVSA, there are no unbelievers and I think they've committed to a strategy." ... FULL STORY: cnnfn.news-real.com