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          <accessionNo>REUT00019870226-0001</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0001</reference>

          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">DIAMOND SHAMROCK (DIA) CUTS CRUDE PRICES</paragraph>
          </headline>
          <leadParagraph>
Diamond Shamrock Corp said that
effective today it had cut its contract prices for crude oil by
1.50 dlrs a barrel.
    The reduction brings its posted price for West Texas
Intermediate to 16.00 dlrs a barrel, the copany said.
    "The price reduction today was made in the light of falling
oil product prices and a weak crude oil market," a company
spokeswoman said.
    Diamond is the latest in a line of U.S. oil companies that
have cut its contract, or posted, prices over the last two days
citing weak oil markets.
           </leadParagraph>
          <publicationDate>
            <date>1987-02-26</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870226-0002</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0002</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">OPEC MAY HAVE TO MEET TO FIRM PRICES - ANALYSTS</paragraph>
          </headline>
          <leadParagraph>
OPEC may be forced to meet before a
scheduled June session to readdress its production cutting
agreement if the organization wants to halt the current slide
in oil prices, oil industry analysts said.
    "The movement to higher oil prices was never to be as easy
as OPEC thought. They may need an emergency meeting to sort out
the problems," said Daniel Yergin, director of Cambridge Energy
Research Associates, CERA.
    Analysts and oil industry sources said the problem OPEC
faces is excess oil supply in world oil markets.
    "OPEC's problem is not a price problem but a production
issue and must be addressed in that way," said Paul Mlotok, oil
analyst with Salomon Brothers Inc.
    He said the market's earlier optimism about OPEC and its
ability to keep production under control have given way to a
pessimistic outlook that the organization must address soon if
it wishes to regain the initiative in oil prices.
    But some other analysts were uncertain that even an
emergency meeting would address the problem of OPEC production
above the 15.8 mln bpd quota set last December.
    "OPEC has to learn that in a buyers market you cannot have
deemed quotas, fixed prices and set differentials," said the
regional manager for one of the major oil companies who spoke
on condition that he not be named. "The market is now trying to
teach them that lesson again," he added.
    David T. Mizrahi, editor of Mideast reports, expects OPEC
to meet before June, although not immediately. However, he is
not optimistic that OPEC can address its principal problems.
    "They will not meet now as they try to take advantage of the
winter demand to sell their oil, but in late March and April
when demand slackens," Mizrahi said.
    But Mizrahi said that OPEC is unlikely to do anything more
than reiterate its agreement to keep output at 15.8 mln bpd."
    Analysts said that the next two months will be critical for
OPEC's ability to hold together prices and output.
    "OPEC must hold to its pact for the next six to eight weeks
since buyers will come back into the market then," said Dillard
Spriggs of Petroleum Analysis Ltd in New York.
    But Bijan Moussavar-Rahmani of Harvard University's Energy
and Environment Policy Center said that the demand for OPEC oil
has been rising through the first quarter and this may have
prompted excesses in its production.
    "Demand for their (OPEC) oil is clearly above 15.8 mln bpd
and is probably closer to 17 mln bpd or higher now so what we
are seeing characterized as cheating is OPEC meeting this
demand through current production," he told Reuters in a
telephone interview.
           </leadParagraph>
          <publicationDate>
            <date>1987-02-26</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870226-0003</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0003</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">TEXACO CANADA (TXC) LOWERS CRUDE POSTINGS</paragraph>
          </headline>
          <leadParagraph>
Texaco Canada said it lowered the
contract price it will pay for crude oil 64 Canadian cts a
barrel, effective today.
    The decrease brings the company's posted price for the
benchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26
Canadian dlrs a bbl.
    Texaco Canada last changed its crude oil postings on Feb
19.
           </leadParagraph>
          <publicationDate>
            <date>1987-02-26</date>
          </publicationDate>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870226-0004</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0004</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">MARATHON PETROLEUM REDUCES CRUDE POSTINGS</paragraph>
          </headline>
          <leadParagraph>
Marathon Petroleum Co said it reduced
the contract price it will pay for all grades of crude oil one
dlr a barrel, effective today.
    The decrease brings Marathon's posted price for both West
Texas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The
South Louisiana Sweet grade of crude was reduced to 16.85 dlrs
a bbl.
    The company last changed its crude postings on Jan 12.
           </leadParagraph>
          <publicationDate>
            <date>1987-02-26</date>
          </publicationDate>
          <region code="can">
            <name>Canada</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870226-0005</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0005</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">HOUSTON OIL (HO) RESERVES STUDY COMPLETED</paragraph>
          </headline>
          <leadParagraph>
Houston Oil Trust said that independent
petroleum engineers completed an annual study that estimates
the trust's future net revenues from total proved reserves at
88 mln dlrs and its discounted present value of the reserves at
64 mln dlrs.
    Based on the estimate, the trust said there may be no money
available for cash distributions to unitholders for the
remainder of the year.
    It said the estimates reflect a decrease of about 44 pct in
net reserve revenues and 39 pct in discounted present value
compared with the study made in 1985.
           </leadParagraph>
          <publicationDate>
            <date>1987-02-26</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870226-0006</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870226-0006</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">KUWAIT SAYS NO PLANS FOR EMERGENCY OPEC TALKS</paragraph>
          </headline>
          <leadParagraph>
Kuwait"s Oil Minister, in remarks
published today, said there were no plans for an emergency OPEC
meeting to review oil policies after recent weakness in world
oil prices.
    Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying: "None of the OPEC members has asked
for such a meeting."
    He denied Kuwait was pumping above its quota of 948,000
barrels of crude daily (bpd) set under self-imposed production
limits of the 13-nation organisation.
    Traders and analysts in international oil markets estimate
OPEC is producing up to one mln bpd above a ceiling of 15.8 mln
bpd agreed in Geneva last December.
    They named Kuwait and the United Arab Emirates, along with
the much smaller producer Ecuador, among those producing above
quota. Kuwait, they said, was pumping 1.2 mln bpd.
    "This rumour is baseless. It is based on reports which said
Kuwait has the ability to exceed its share. They suppose that
because Kuwait has the ability, it will do so," the minister
said.
    Sheikh Ali has said before that Kuwait had the ability to
produce up to 4.0 mln bpd.
    "If we can sell more than our quota at official prices,
while some countries are suffering difficulties marketing their
share, it means we in Kuwait are unusually clever," he said.
    He was referring apparently to the Gulf state of qatar,
which industry sources said was selling less than 180,000 bpd
of its 285,000 bpd quota, because buyers were resisting
official prices restored by OPEC last month pegged to a marker
of 18 dlrs per barrel.
    Prices in New York last week dropped to their lowest levels
this year and almost three dollars below a three-month high of
19 dollars a barrel.
    Sheikh Ali also delivered "a challenge to any international
oil company that declared Kuwait sold below official prices."
    Because it was charging its official price, of 16.67 dlrs a
barrel, it had lost custom, he said but did not elaborate.
    However, Kuwait had guaranteed markets for its oil because
of its local and international refining facilities and its own
distribution network abroad, he added.
    He reaffirmed that the planned meeting March 7 of OPEC"s
differentials committee has been postponed until the start of
April at the request of certain of the body"s members.
    Ecuador"s deputy energy minister Fernando Santos Alvite said
last Wednesday his debt-burdened country wanted OPEC to assign
a lower official price for its crude, and was to seek this at
talks this month of opec"s pricing committee.
    Referring to pressure by oil companies on OPEC members, in
apparent reference to difficulties faced by Qatar, he said: "We
expected such pressure. It will continue through March and
April." But he expected the situation would later improve.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-01</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870301-0007</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870301-0007</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE</paragraph>
          </headline>
          <leadParagraph>
Indonesia appears to be nearing a
political crossroads over measures to deregulate its protected
economy, the U.S. Embassy says in a new report.
    To counter falling oil revenues, the government has
launched a series of measures over the past nine months to
boost exports outside the oil sector and attract new
investment.
    Indonesia, the only Asian member of OPEC and a leading
primary commodity producer, has been severely hit by last year"s
fall in world oil prices, which forced it to devalue its
currency by 31 pct in September.
    But the U.S. Embassy report says President Suharto"s
government appears to be divided over what direction to lead
the economy.
    "(It) appears to be nearing a crossroads with regard to
deregulation, both as it pertains to investments and imports,"
the report says. It primarily assesses Indonesia"s agricultural
sector, but also reviews the country"s general economic
performance.
    It says that while many government officials and advisers
are recommending further relaxation, "there are equally strong
pressures being exerted to halt all such moves."
    "This group strongly favours an import substitution economy,"
the report says.
    Indonesia"s economic changes have been welcomed by the World
Bank and international bankers as steps in the right direction,
though they say crucial areas of the economy like plastics and
steel remain highly protected, and virtual monopolies.
    Three sets of measures have been announced since last May,
which broadened areas for foreign investment, reduced trade
restrictions and liberalised imports.
    The report says Indonesia"s economic growth in calendar 1986
was probably about zero, and the economy may even have
contracted a bit. "This is the lowest rate of growth since the
mid-1960s," the report notes.
    Indonesia, the largest country in South-East Asia with a
population of 168 million, is facing general elections in
April.
    But the report hold out little hope for swift improvement
in the economic outlook. "For 1987 early indications point to a
slightly positive growth rate not exceeding one pct. Economic
activity continues to suffer due to the sharp fall in export
earnings from the petroleum industry."
    "Growth in the non-oil sector is low because of weak
domestic demand coupled with excessive plant capacity, real
declines in construction and trade, and a reduced level of
growth in agriculture," the report states.
    Bankers say continuation of present economic reforms is
crucial for the government to get the international lending its
needs.
    A new World Bank loan of 300 mln dlrs last month in balance
of payments support was given partly to help the government
maintain the momentum of reform, the Bank said.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-01</date>
          </publicationDate>
          <region code="ec">
            <name>Ecuador</name>
          </region>
          <region code="samz">
            <name>South America</name>
          </region>
          <region code="kw">
            <name>Kuwait</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870301-0008</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870301-0008</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">SAUDI RIYAL DEPOSIT RATES REMAIN FIRM</paragraph>
          </headline>
          <leadParagraph>
Saudi riyal interbank deposits were
steady at yesterday's higher levels in a quiet market.
    Traders said they were reluctant to take out new positions
amidst uncertainty over whether OPEC will succeed in halting
the current decline in oil prices.
    Oil industry sources said yesterday several Gulf Arab
producers had had difficulty selling oil at official OPEC
prices but Kuwait has said there are no plans for an emergency
meeting of the 13-member organisation.
    A traditional Sunday lull in trading due to the European
weekend also contributed to the lack of market activity.
    Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct
after quotes ranging between seven, six yesterday.
    One, three, and six-month deposits were quoted unchanged at
6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
    The spot riyal was quietly firmer at 3.7495/98 to the
dollar after quotes of 3.7500/03 yesterday.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-01</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <region code="indo">
            <name>Indonesia</name>
          </region>
          <region code="asiaz">
            <name>Asia</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870301-0009</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870301-0009</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">QATAR UNVEILS BUDGET FOR FISCAL 1987/88</paragraph>
          </headline>
          <leadParagraph>
The Gulf oil state of Qatar, recovering
slightly from last year's decline in world oil prices,
announced its first budget since early 1985 and projected a
deficit of 5.472 billion riyals.
    The deficit compared with a shortfall of 7.3 billion riyals
in the last published budget for 1985/86.
    In a statement outlining the budget for the fiscal year
1987/88 beginning today, Finance and Petroleum Minister Sheikh
Abdul-Aziz bin Khalifa al-Thani said the government expected to
spend 12.217 billion riyals in the period.
    Projected expenditure in the 1985/86 budget had been 15.6
billion riyals.
    Sheikh Abdul-Aziz said government revenue would be about
6.745 billion riyals, down by about 30 pct on the 1985/86
projected revenue of 9.7 billion.
    The government failed to publish a 1986/87 budget due to
uncertainty surrounding oil revenues.
    Sheikh Abdul-Aziz said that during that year the government
decided to limit recurrent expenditure each month to
one-twelfth of the previous fiscal year's allocations minus 15
pct.
    He urged heads of government departments and public
institutions to help the government rationalise expenditure. He
did not say how the 1987/88 budget shortfall would be covered.
    Sheikh Abdul-Aziz said plans to limit expenditure in
1986/87 had been taken in order to relieve the burden placed on
the country's foreign reserves.
    He added in 1987/88 some 2.766 billion riyals had been
allocated for major projects including housing and public
buildings, social services, health, education, transport and
communications, electricity and water, industry and
agriculture.
    No figure was revealed for expenditure on defence and
security. There was also no projection for oil revenue.
    Qatar, an OPEC member, has an output ceiling of 285,000
barrels per day.
    Sheikh Abdul-Aziz said: "Our expectations of positive signs
regarding (oil) price trends, foremost among them OPEC's
determination to shoulder its responsibilites and protect its
wealth, have helped us make reasonable estimates for the coming
year's revenue on the basis of our assigned quota."
           </leadParagraph>
          <publicationDate>
            <date>1987-03-01</date>
          </publicationDate>
          <region code="bhr">
            <name>Bahrain</name>
          </region>
          <region code="sar">
            <name>Saudi Arabia</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870301-0010</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870301-0010</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">SAUDI ARABIA REITERATES COMMITMENT TO OPEC PACT</paragraph>
          </headline>
          <leadParagraph>
Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilise the market, the
official Saudi Press Agency SPA said.
    Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by the
... Accord and it will never sell its oil at prices below the
pronounced prices under any circumstance."
    Nazer, quoted by SPA, said recent pressure on free market
prices "may be because of the end of the (northern hemisphere)
winter season and the glut in the market."
    Saudi Arabia was a main architect of the December accord,
under which OPEC agreed to lower its total output ceiling by
7.25 pct to 15.8 mln barrels per day (bpd) and return to fixed
prices of around 18 dlrs a barrel.
    The agreement followed a year of turmoil on oil markets,
which saw prices slump briefly to under 10 dlrs a barrel in
mid-1986 from about 30 dlrs in late 1985. Free market prices
are currently just over 16 dlrs.
    Nazer was quoted by the SPA as saying Saudi Arabia's
adherence to the accord was shown clearly in the oil market.
    He said contacts among members of OPEC showed they all
wanted to stick to the accord.
    In Jamaica, OPEC President Rilwanu Lukman, who is also
Nigerian Oil Minister, said the group planned to stick with the
pricing agreement.
    "We are aware of the negative forces trying to manipulate
the operations of the market, but we are satisfied that the
fundamentals exist for stable market conditions," he said.
    Kuwait's Oil Minister, Sheikh Ali al-Khalifa al-Sabah, said
in remarks published in the emirate's daily Al-Qabas there were
no plans for an emergency OPEC meeting to review prices.
    Traders and analysts in international oil markets estimate
OPEC is producing up to one mln bpd above the 15.8 mln ceiling.
    They named Kuwait and the United Arab Emirates, along with
the much smaller producer Ecuador, among those producing above
quota. Sheikh Ali denied that Kuwait was over-producing.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-01</date>
          </publicationDate>
          <region code="qat">
            <name>Qatar</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0011</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0011</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD</paragraph>
          </headline>
          <leadParagraph>
Saudi crude oil output last month fell
to an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd
in January, Gulf oil sources said.
    They said exports from the Ras Tanurah and Ju'aymah
terminals in the Gulf fell to an average 1.9 mln bpd last month
from 2.2 mln in January because of lower liftings by some
customers.
    But the drop was much smaller than expected after Gulf
exports rallied in the fourth week of February to 2.5 mln bpd
from 1.2 mln in the third week, the sources said.
    The production figures include neutral zone output but not
sales from floating storage, which are generally considered
part of a country's output for Opec purposes.
    Saudi Arabia has an Opec quota of 4.133 mln bpd under a
production restraint scheme approved by the 13-nation group
last December to back new official oil prices averaging 18 dlrs
a barrel.
    The sources said the two-fold jump in exports last week
appeared to be the result of buyers rushing to lift February
entitlements before the month-end.
    Last week's high export levels appeared to show continued
support for official Opec prices from Saudi Arabia's main crude
customers, the four ex-partners of Aramco, the sources said.
    The four -- Exxon Corp (XON), Mobil Corp (MOB), Texaco Inc
(TX) and Chevron Corp (CHV) -- signed a long-term agreement
last month to buy Saudi crude for 17.52 dlrs a barrel.
    However the sources said the real test of Saudi Arabia's
ability to sell crude at official prices in a weak market will
come this month, when demand for petroleum products
traditionally tapers off. Spot prices have fallen in recent
weeks to more than one dlr below Opec levels.
    Saudi Arabian oil minister Hisham Nazer yesterday
reiterated the kingdom's commitment to the December OPEC accord
and said it would never sell below official prices.
    The sources said total Saudi refinery throughput fell
slightly in February to an average 1.1 mln bpd from 1.2 mln in
January because of cuts at the Yanbu and Jubail export
refineries.
    They put crude oil exports through Yanbu at 100,000 bpd
last month, compared to zero in January, while throughput at
Bahrain's refinery and neutral zone production remained steady
at around 200,000 bpd each.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="sar">
            <name>Saudi Arabia</name>
          </region>
          <region code="bhr">
            <name>Bahrain</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0012</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0012</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN</paragraph>
          </headline>
          <leadParagraph>
Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
    WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to help each other market their crude oil.
    Four of the GCC states - Saudi Arabia, the United Arab
Emirates (UAE), Kuwait and Qatar - are members of the
Organiaation of Petroleum Exporting Countries (OPEC) and some
face stiff buyer resistance to official OPEC prices.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="sar">
            <name>Saudi Arabia</name>
          </region>
          <region code="uae">
            <name>United Arab Emirates</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0013</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0013</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD</paragraph>
          </headline>
          <leadParagraph>
Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilize the market, the
official Saudi Press Agency SPA said.
    Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by the
... accord and it will never sell its oil at prices below the
pronounced prices under any circumstance."
    Saudi Arabia was a main architect of December pact under
which OPEC agreed to cut its total oil output ceiling by 7.25
pct and return to fixed prices of around 18 dollars a barrel.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="bhr">
            <name>Bahrain</name>
          </region>
          <region code="kw">
            <name>Kuwait</name>
          </region>
          <region code="sar">
            <name>Saudi Arabia</name>
          </region>
          <region code="uae">
            <name>United Arab Emirates</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0014</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0014</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET</paragraph>
          </headline>
          <leadParagraph>
Kuwait's oil minister said in a newspaper
interview that there were no plans for an emergency OPEC
meeting after the recent weakness in world oil prices.
    Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying that "none of the OPEC members has
asked for such a meeting."
    He also denied that Kuwait was pumping above its OPEC quota
of 948,000 barrels of crude daily (bpd).
    Crude oil prices fell sharply last week as international
oil traders and analysts estimated the 13-nation OPEC was
pumping up to one million bpd over its self-imposed limits.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="bhr">
            <name>Bahrain</name>
          </region>
          <region code="sar">
            <name>Saudi Arabia</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0015</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0015</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">PHILADELPHIA PORT CLOSED BY TANKER CRASH</paragraph>
          </headline>
          <leadParagraph>
The port of Philadelphia was closed
when a Cypriot oil tanker, Seapride II, ran aground after
hitting a 200-foot tower supporting power lines across the
river, a Coast Guard spokesman said.
    He said there was no oil spill but the ship is lodged on
rocks opposite the Hope Creek nuclear power plant in New
Jersey.
    He said the port would be closed until today when they
hoped to refloat the ship on the high tide.
    After delivering oil to a refinery in Paulsboro, New
Jersey, the ship apparently lost its steering and hit the power
transmission line carrying power from the nuclear plant to the
state of Delaware.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="kw">
            <name>Kuwait</name>
          </region>
          <region code="meast">
            <name>Middle East</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0016</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0016</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">STUDY GROUP URGES INCREASED U.S. OIL RESERVES</paragraph>
          </headline>
          <leadParagraph>
A study group said the United States
should increase its strategic petroleum reserve to one mln
barrels as one way to deal with the present and future impact
of low oil prices on the domestic oil industry.
    U.S. policy now is to raise the strategic reserve to 750
mln barrels, from its present 500 mln, to help protect the
economy from an overseas embargo or a sharp price rise.
    The Aspen Institute for Humanistic Studies, a private
group, also called for new research for oil exploration and
development techniques.
    It predicted prices would remain at about 15-18 dlrs a
barrel for several years and then rise to the mid 20s, with
imports at about 30 pct of U.S. consumption.
    It said instead that such moves as increasing oil reserves
and more exploration and development research would help to
guard against or mitigate the risks of increased imports.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0017</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0017</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">UNOCAL (UCL) UNIT CUTS CRUDE OIL POSTED PRICES</paragraph>
          </headline>
          <leadParagraph>
Unocal Corp's Union Oil Co said it
lowered its posted prices for crude oil one to 1.50 dlrs a
barrel in the eastern region of the U.S., effective Feb 26.
    Union said a 1.50 dlrs cut brings its posted price for the
U.S. benchmark grade, West Texas Intermediate, to 16 dlrs.
Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the
company said.
    No changes were made in Union's posted prices for West
Coast grades of crude oil, the company said.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0018</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0018</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">NYMEX WILL EXPAND OFF-HOUR TRADING APRIL ON</paragraph>
          </headline>
          <leadParagraph>
The New York Mercantile Exchange set
April one for the debut of a new procedure in the energy
complex that will increase the use of energy futures worldwide.
     On April one, NYMEX will allow oil traders that do not
hold a futures position to initiate, after the exchange closes,
a transaction that can subsequently be hedged in the futures
market, according to an exchange spokeswoman.
    "This will change the way oil is transacted in the real
world," said said Thomas McKiernan, McKiernan and Co chairman.
    Foreign traders will be able to hedge trades against NYMEX
prices before the exchange opens and negotiate prices at a
differential to NYMEX prices, McKiernan explained.
     The expanded program "will serve the industry because the
oil market does not close when NYMEX does," said Frank Capozza,
secretary of Century Resources Inc.
     The rule change, which has already taken effect for
platinum futures on NYMEX, is expected to increase the open
interest and liquidity in U.S. energy futures, according to
traders and analysts.
    Currently, at least one trader in this transaction, called
an exchange for physical or EFP, must hold a futures position
before entering into the transaction.
    Under the new arrangement, neither party has to hold a
futures position before entering into an EFP and one or both
parties can offset their cash transaction with a futures
contract the next day, according to exchange officials.
    When NYMEX announced its proposed rule change in December,
NYMEX President Rosemary McFadden, said, "Expansion of the EFP
provision will add to globalization of the energy markets by
providing for, in effect, 24-hour trading."
    The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
           </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="usa">
            <name>United States</name>
          </region>
          <region code="namz">
            <name>North America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
      <ppsarticle>
        <article>
          <accessionNo>REUT00019870302-0019</accessionNo>
          <reference>distdoc:archive/ArchiveDoc::Article/REUT00019870302-0019</reference>
          <baseLanguage>EN</baseLanguage>
          <copyright>Copyright 1987 Reuters</copyright>
          <headline>
            <paragraph display="Proportional" truncation="None" lang="EN">ARGENTINE OIL PRODUCTION DOWN IN JANUARY 1987</paragraph>
          </headline>
          <leadParagraph>
Argentine crude oil production was
down 10.8 pct in January 1987 to 12.32 mln barrels, from 13.81
mln barrels in January 1986, Yacimientos Petroliferos Fiscales
said.
    January 1987 natural gas output totalled 1.15 billion cubic
metrers, 3.6 pct higher than 1.11 billion cubic metres produced
in January 1986, Yacimientos Petroliferos Fiscales added.
 Reuter
          </leadParagraph>
          <publicationDate>
            <date>1987-03-02</date>
          </publicationDate>
          <region code="arg">
            <name>Argentina</name>
          </region>
          <region code="samz">
            <name>South America</name>
          </region>
          <sourceName>Reuters-21578</sourceName>
        </article>
      </ppsarticle>
    </ppsarticleResultSet>
  </ppsArticleResponse>
</PPSResponse>

