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To: John Paquet who wrote (539)	6/4/1999 3:12:00 PM
From: Dettmer	Read Replies (2) \| Respond to of 1239

<<GTR when I last talked to you it was $4.15, today closed at $3.82, tomorrow or next few days she will be below that $3.00>> Wrong again. Not good for your track record which I must admit was initially impeccable. Are you losing your touch?

To: John Paquet who wrote (539)	6/5/1999 7:33:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 1239

Saudi Arabia, Mexico to Make More Cuts if Oil Prices Don't Rise Further By Sean Evers Saudi Arabia, Mexico to Make More Cuts if Oil Prices Don't Rise Riyadh, Saudi Arabia, June 5 (Bloomberg) -- Saudi Arabia and Mexico, two of the world's largest oil exporters, said they are willing to make further output cuts in order to boost oil prices which have declined about 10 percent in the past month. Saudi's oil minister Ali al-Naimi and his Mexican counterpart Luis Tellez met today to review a March pact by world oil producers to cut production and boost oil prices, which hit a 12-year low in December. Mexico and Saudi Arabia would be willing to take ''further action'' if oil prices don't rise, the ministers said in a joint statement. A slump in demand from refiners caused oil prices to fall by $2.50 a barrel since May 5 to a two-month low of $14.55 on Tuesday. Prices had risen from March until May on anticipation that supplies would be restricted after the Organization of Petroleum Exporting Countries' and four other producers, including Mexico -- which is not a member of OPEC -- pledged to cut world output by more than 5 million barrels a day. Brent crude oil for July delivery rose 63 cents, or 4.2 percent, to close at $15.58 a barrel in London yesterday on the International Petroleum Exchange. Oil producers, who failed on two occasions last year to stop prices from dropping to under $10 a barrel in December, believe an oil price in the $18- to $20-a-barrel range is a fair price -- high enough to avoid causing economic hardship in producing states, and low enough to avoid recessions in consuming states. The two oil ministers, who reconfirmed their commitment to a series of agreements to cut output dating back to April 1998, said they are ''satisfied with the degree of commitment to the agreed output cuts by producers from within and outside OPEC.'' OPEC made 91 percent of their promised oil output cuts in May, according to a Bloomberg survey of producers, oil companies and analysts showed. Production from all 11 members of OPEC totaled 25.9 million barrels a day in May, down 370,000 barrels from a revised 26.3 million barrels a day in April, the survey said. Tellez will travel to Kuwait tomorrow for a meeting with Kuwait's oil minister Sheikh Saud Nasser al-Sabah for similar talks. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.