ISSUES THAT WILL START TO BECOME VERY MUCH IN THE NEWS AND VERY CONTROVERCIAL. OUR GOVT. IS NOW UNDER PRESSURE TO PROVE WE HAVE NO SHORTAGE OR NEVER WILL HAVE ANY SHORTAGE OF OIL. JMHO MAY HAVE SOME INFLUENCE IN GENERAL ON OIL PRICES- CUTBACK MAY NOT BE GOOD. I AM FEELING THEAT THE WHOLE ECONOMY IS MAKING SOME MAJOR ADJUSTMENTS--POLITICAL ISSUES--TRYING TO JUSTIFY THE WAS IN AND WITH IRAQ. OUR ECONOMIC SITUATION IN GERNERAL IS POOR AND GREENSPAN WANTS TO CUT SS AND SS BENIFITS. THE MARKET IT IS A TOTAL READJUSTMENT PERIOD WHICH IS NEEDED AND APRIL 1 ISSUE'S PEOPLE ARE NATURALLY BEING CONSERVATIVE AS THEY SHOULD BE TILL THE MARKET HAS COMPLETED ADJUSTMENT PERIOD. THESE ARE ONLY MY OPINIONS AND STOCK'S THAT WOULD GENERALLY MORE MORE FREELY ARE GOING TO FEEL THE PRESSURES OF THE CONSERVATISIUM. JMHO
THIS STOCK WILL MOVE: AND IN SHORT ORDER BECCAUSE OUT GOVT. IS TRYING TO PROVE A POINT THAT WE DID NOT START A WAR WITH IRAQ OVER LACK OF OIL. IN FACT AS WE SPEAK I BELIEVE GOVT. RELIEF FUNDS ARE BEING APPROPRIATED TO "HELP THE LETTLE GUY."
WHICH IN TURN WILL HELP THE OTHER LITTLE GUY'S--"US."
Oil Rises After Saudi Backs OPEC Cut
Tuesday March 30, 6:04 am ET
LONDON (Reuters) - Oil prices rose on Tuesday after OPEC's (News - Websites) most influential member Saudi Arabia threw its weight behind imminent supply cuts, though divisions within the cartel prevented a steeper rally, analysts said.
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U.S. light crude (CLc1) was trading 25 cents higher at $35.70, while London's Brent crude climbed to $31.97, up 23 cents.
U.S. prices had fallen to a session low of $35.25 a barrel, but rallied after Saudi Oil Minister Ali al-Naimi stated his opposition to relaxing supply curbs.
Naimi dismissed suggestions that the Organization of the Petroleum Exporting Countries, which meets in Vienna on Wednesday, was to blame for prices that earlier this month hit a 13-year high.
Instead, he said speculators, economic growth and U.S. refinery problems, as opposed to a shortage of OPEC crude, were the reasons behind high oil prices.
"As far as Saudi Arabia is concerned April 1 has been implemented and I believe others have done so as well," Naimi told reporters.
"Throwing more oil on the market, because of prices where they are today, would be destructive," he added. "That would make a glut and there is already a surplus on the market."
Some other OPEC ministers have suggested that a one million barrels per day output cut from April 1 should be delayed.
Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said on Tuesday OPEC should postpone the cut and reconsider it at the group's next planned meeting in Beirut on June 3.
"I think as the Kuwait position that at this stage we should continue in cutting the overproduction but postpone the decision on the one million (barrels per day) until the Lebanon meeting, unless there is an emergency," the minister told reporters before leaving for Vienna.
OPEC agreed in February to cut its output by one million barrels per day from April 1, and also to rein in over production above official quotas during March.
Loading programs have shown that several OPEC members have already scheduled to load additional oil in April.
Market and industry sources said last week that oil export programs indicated the cartel would deliver no more than one third of its planned one million bpd April output cut.
"Obviously the split within OPEC is not healthy," said analyst Steve Turner of Commerzbank. "It's difficult to see a significant cut-back in production ahead of the seasonal downturn."
"The risk is that we will see some modest downturn in prices, but I'm not talking about a collapse."
ISSUES THAT WILL START TO BECOME VERY MUCH IN THE NEWS AND VERY CONTROVERCIAL. OUR GOVT. IS NOW UNDER PRESSURE TO PROVE WE HAVE NO SHORTAGE OR NEVER WILL HAVE ANY SHORTAGE OF OIL. JMHO
MAY HAVE SOME INFLUENCE IN GENERAL ON OIL PRICES- CUTBACK MAY NOT BE GOOD. I AM FEELING THEAT THE WHOLE ECONOMY IS MAKING SOME MAJOR ADJUSTMENTS--POLITICAL ISSUES--TRYING TO JUSTIFY THE WAS IN AND WITH IRAQ. OUR ECONOMIC SITUATION IN GERNERAL IS POOR AND GREENSPAN WANTS TO CUT SS AND SS BENIFITS. THE MARKET IT IS A TOTAL READJUSTMENT PERIOD WHICH IS NEEDED AND APRIL 1 ISSUE'S PEOPLE ARE NATURALLY BEING CONSERVATIVE AS THEY SHOULD BE TILL THE MARKET HAS COMPLETED ADJUSTMENT PERIOD. THESE ARE ONLY MY OPINIONS AND STOCK'S THAT WOULD GENERALLY MORE MORE FREELY ARE GOING TO FEEL THE PRESSURES OF THE CONSERVATISIUM. JMHO
THIS STOCK WILL MOVE: AND IN SHORT ORDER BECCAUSE OUT GOVT. IS TRYING TO PROVE A POINT THAT WE DID NOT START A WAR WITH IRAQ OVER LACK OF OIL. IN FACT AS WE SPEAK I BELIEVE GOVT. RELIEF FUNDS ARE BEING APPROPRIATED TO "HELP THE LETTLE GUY."
WHICH IN TURN WILL HELP THE OTHER LITTLE GUY'S--"US."
Oil Rises After Saudi Backs OPEC Cut
Tuesday March 30, 6:04 am ET
LONDON (Reuters) - Oil prices rose on Tuesday after OPEC's (News - Websites) most influential member Saudi Arabia threw its weight behind imminent supply cuts, though divisions within the cartel prevented a steeper rally, analysts said.
ADVERTISEMENT
U.S. light crude (CLc1) was trading 25 cents higher at $35.70, while London's Brent crude climbed to $31.97, up 23 cents.
U.S. prices had fallen to a session low of $35.25 a barrel, but rallied after Saudi Oil Minister Ali al-Naimi stated his opposition to relaxing supply curbs.
Naimi dismissed suggestions that the Organization of the Petroleum Exporting Countries, which meets in Vienna on Wednesday, was to blame for prices that earlier this month hit a 13-year high.
Instead, he said speculators, economic growth and U.S. refinery problems, as opposed to a shortage of OPEC crude, were the reasons behind high oil prices.
"As far as Saudi Arabia is concerned April 1 has been implemented and I believe others have done so as well," Naimi told reporters.
"Throwing more oil on the market, because of prices where they are today, would be destructive," he added. "That would make a glut and there is already a surplus on the market."
Some other OPEC ministers have suggested that a one million barrels per day output cut from April 1 should be delayed.
Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said on Tuesday OPEC should postpone the cut and reconsider it at the group's next planned meeting in Beirut on June 3.
"I think as the Kuwait position that at this stage we should continue in cutting the overproduction but postpone the decision on the one million (barrels per day) until the Lebanon meeting, unless there is an emergency," the minister told reporters before leaving for Vienna.
OPEC agreed in February to cut its output by one million barrels per day from April 1, and also to rein in over production above official quotas during March.
Loading programs have shown that several OPEC members have already scheduled to load additional oil in April.
Market and industry sources said last week that oil export programs indicated the cartel would deliver no more than one third of its planned one million bpd April output cut.
"Obviously the split within OPEC is not healthy," said analyst Steve Turner of Commerzbank. "It's difficult to see a significant cut-back in production ahead of the seasonal downturn."
"The risk is that we will see some modest downturn in prices, but I'm not talking about a collapse."
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DIANA