NEXT FEW MONTHS CRUCIAL FOR OIL - HERNANDEZ

  Energy and Mines Minister Arturo
  Hernandez Grisanti today told a meeting of regional oil
  exporters the next few months will be critical to efforts to
  achieve price recovery and stabilize the market.
       Hernandez said while OPEC and non-OPEC nations have
  already made some strides in their efforts to strengthen the
  market, the danger of a reversal is always present.
      "March and the next two or three months will be a really
  critical period," Hernandez said. He said, "We will be able to
  define a movement, either towards market stability and price
  recovery or, depending on the market, a reversal."
      Earlier this week, Hernandez said Venezuela's oil price has
  averaged just above 16 dlrs a barrel for the year to date. If
  OPEC achieves its stated goal of an 18 dlrs a barrel average
  price, he said, Venezuela's should move up to 16.50 dlrs.
      Hernandez spoke today at the opening of the fifth
  ministerial meeting of the informal group of Latin American and
  Caribbean oil exporters, formed in 1983.
      Ministers from member states Ecuador, Mexico,
  Trinidad-Tobago and Venezuela are attending the two day
  conference, while Colombia is present for the first time as an
  observer.
      Hernandez defined the meeting as an informal exchange of
  ideas about the oil market. However, the members will also
  discuss ways to combat proposals for a tax on imported oil
  currently before the U.S. Congress.
      Following the opening session, the group of ministers met
  with President Jaime Lusinchi at Miraflores, the presidential
  palace. The delegations to the conference are headed by
  Hernandez of Venezuela, Energy Minister Javier Espinosa of
  Ecuador, Energy Minister Kelvin Ramnath of Trinidad-Tobago,
  Jose Luis Alcudiai, assistant energy secretary of Mexico and
  Energy Minister Guilermno Perry Rubio of Colombia.
  

