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

To: Crimson Ghost who wrote (45952)	6/6/1999 10:20:00 AM
From: Gary Burton	Respond to of 95453

George--The key resistance area is now 83-84....If it can blast through there convincingly..say to 87ish close...then it may well run above 103...Near 83, it could turn back down, however.

To: Crimson Ghost who wrote (45952)	6/6/1999 1:00:00 PM
From: Richard D	Read Replies (1) \| Respond to of 95453

"What is especially interesting about this story is that Mexico is not a member of OPEC. Not only will OPEC compliance be very good, but key non-OPEC producers are cooperating more closely than ever before." If most everyone is cutting back production, and I assume the exploration and drilling that production entails, wouldn't the wisest money be best spent on domestic land drillers, who, firstly are among the few who aren't beholden to OPEC cutbacks and, secondly, can respond the quickest to changing oil prices. Perhaps there's a reason these have led the pack and may continue to outpace the others on percentage gains basis. Richard (very long PTEN.)

To: Crimson Ghost who wrote (45952)	6/6/1999 1:27:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

Mexico - Kuwait: Deja vue, all over again. Energy News Sun, 6 Jun 1999, 1:22pm EDT Kuwait, Mexico Say Oil Output Cuts Will Boost Prices in June Kuwait, June 6 (Bloomberg) -- Kuwait, the seventh largest oil producer in OPEC, and Mexico said the ''significant level'' of compliance with a pact by world oil producers to cut output would drive prices higher in the coming weeks. Kuwait's oil minister Sheikh Saud Nasser al-Sabah and his Mexican counterpart Luis Tellez met today to review a March agreement by the Organization of Petroleum Exporting Countries' and four other producers, including Mexico, to cut world oil supply by more than 5 million barrels a day in order to boost oil prices which hit a 12-year low in December. Mexico, which is not a member of OPEC, and Kuwait said it was ''of crucial importance'' that producers maintain full compliance to output cuts, and they ''stressed the need to maintain vigilance to achieve the desired improvement in oil prices,'' the ministers said in a joint statement. 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. Brent crude oil for July delivery rose 63 cents, or 4.2 percent, to close at $15.58 a barrel in London on Friday on the International Petroleum Exchange. The two oil ministers, who reconfirmed their commitment to a series of agreements to cut output dating back to April 1998, said they ''would continue cooperation in taking all necessary measures, in conjunction with other oil producers, to ensure oil market stability.'' OPEC made 91 percent of their promised oil 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. The Mexican oil minister's meeting in Kuwait today followed a similar summit in Riyadh on Saturday with Saudi Arabia's oil minister Ali al-Naimi, where the two ministers said they would be willing ''to take whatever action was needed to stabilize the market and improve oil prices.'' -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.