Interesting day. Crude and products taking a breather. Heard that Motiva Del City is back up and has been since Tuesday last week. Interesting given current market dynamics for heating oil. Also, heard Sun has a few other problems along with crude unit.

Looks like we really are a global pariah after all. Why do you suppose the Vens and Saudis don't want to meet with Billy in Davos (have you ever been there? It's really an awesome place. Go sometime if you can, summer or winter). Shortly after these headlines started appearing, Billy Richardson started embarassing himself and us with all kinds of "you'll see, I'm meeting with someone damn it" headlines. Ended up looking stupid again. This is not good folks. This developement leads me to believe that we're up shits creek so to speak on supply demand issues. Crude's gonna stay expensive. yikes. But as we all know, crude's not inflationairy anymore, so no big deal if it goes to thirty - thirty five maybe forty.

For educational and research purposes only:

Venezuelan oilmin will not attend Davos - ministry CARACAS, Jan 24 (Reuters) - Venezuelan Energy and Mines Minister Ali Rodriguez will not attend the World Economic Forum in Davos, Switzerland, later this week, a ministry spokeswoman said Monday. The spokeswoman did not give a reason for Rodriguez' decision but U.S. energy officials had expected him to attend. A U.S. Energy Department official said Friday that Energy Secretary Bill Richardson would hold "informal talks" with oil ministers from OPEC states Saudi Arabia, Venezuela and Kuwait at the economic summit, which runs from January 27 to February 1. But a Gulf source said Sunday that Saudi Oil Minister Ali al-Naimi would not attend either. There had been rumors in Washington Friday that Richardson would not be speaking directly with oil ministers but instead with the countries' finance ministers and other government officials in Davos. Richardson expects to talk with ministers on a variety of energy issues, including the dramatic spike in oil prices, which reached a nine-year high on Friday after signals from OPEC that it will probably keep oil output curbs beyond March. OPEC meets in March to decide whether to extend the curbs that were originally expected to expire that month. Rodriguez, one of three top policy makers in the 11-member cartel, has said OPEC will probably extend its current agreement beyond March, but probably not for all of 2000. Iran, Libya and Algeria said Friday they favored extending the current output agreement, aimed at reducing a huge stock surplus built up in 1997, 1998 and 1999, until September. The World Economic Forum brings together political, business and intellectual leaders to address global economic issues. The forum has 12 industry groups, including one for energy, that allow government officials and company executives to discuss issues relevant to that sector. ((Tom Ashby, Caracas newsroom, +582 505-2611 fax +582 861-3621, caracas.newsroom@reuters.com)) [O] [MD] [AFN] [VE] [CRU] [PROD] [OPEC] [LATAM] [EMRG] [DIP] [US] [CH] [SA] [KW] [MEAST] [LEN] [RTRS]

PLATT'S: US ENERGY SECRETARY SETS MEETINGS WITH KEY OIL MINISTERS PLATT'S: US secretary sets meetings with key oil ministers(REFILE) New York (Platt's)--24Jan2000/101 pm EST/1801 GMT CORRECTING NAME OF VENEZUELAN MINISTER US Energy Secretary Bill Richardson has scheduled meetings next month with the oil ministers from Mexico, Venezuela and Norway, Richardson said Monday. Richardson will meet with Mexico's Luis Tellez and Venezuela's Ali Rodriguez during next week's economic summit in Davos, Switzerland. The week after that Richardson said he will meet with Norway's Marit Arnstad. Exact times for the meetings were not available.

[PGA] [PGT] [NSAM] [NORD] [MEAST] [SA] [SZ] [PLTN] [LEN] [AA] [TALALERT]

-- Gordon (g_gecko_69@hotmail.com), January 24, 2000

Answers

Just a hunch but maybe the oil producers arew doing the best they can.

Maybe the Venz Oil Minister doesn't want his arm twisted when he knows they (Bill and Bill)know the real score.

I think this looks bad for any real improvement on the supply side.

I look for Richardson to step up his conservation spiel like last week when he spoke about affects of dereg on electric utility and increased vulnerability of the grid.

-- Bill P (porterwn@one.net), January 24, 2000.

Thanks for the post Gordon! Amusing title, kinda cushions the blow:)

-- Hokie (Hokie_@hotmail.com), January 24, 2000.

Thanks for another perspective.

-- snooze button (alarmclock_2000@yahoo.com), January 25, 2000.