The Organization of Petroleum Exporting Countries expects to see a fall in global oil prices to as much as 30 US dollars per barrel
Published:
28 August 2004 y., Saturday
The Organization of Petroleum Exporting Countries (OPEC) expects to see a fall in global oil prices to as much as 30 US dollars per barrel, OPEC President Purnomo Yusgiantoro has said.
"Oil prices have retreated, but we want them to fall to about 30 dollars per barrel. That would be good enough," Purnomo, who isalso the Indonesian minister of energy and mineral resources, was quoted Friday by The Jakarta Post as saying.
He said OPEC would first take an inventory of its spare oil capacity before making any decision on a possible hike in its official output ceiling at the cartel's meeting on Sept. 14 in Vienna, Austria.
"That's part of the agenda. If we consider that (raising output) needs to be done, we'll take an inventory on how much spare capacity we have from each member of OPEC, so we can raise OPEC quotas," said Purnomo, ruling out the possibility of moving the meeting up to an earlier date.
He previously said that, if needed, OPEC would be ready to raise production by between 1 million and 1.5 million barrels per day (bpd).
Purnomo said OPEC members were producing more oil than the official quota in an effort to cool down an overheated market. Currently, the cartel's oil production has reached 30 million bpd, consisting of a quota of 26 million, 2 million from Iraq, and 2 million in overproduction.
Šaltinis:
Xinhuanet
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Two credit-rating agencies believe Poland's economic outlook is "positive"
more »
Poland's central bank probably will lower borrowing costs, the second highest in the European Union, for the first time since June 2003
more »
The public company Russian Railways will sign a treaty with the Siemens on the stage of designing, the organization of the production of high-speed electric trains and general terms of the contract on April 11 in Hannover
more »
Switzerland's top airline, after being one of the hunters during the 1990s, succumbed to upheaval in the European air travel market last week to become the prey of German carrier Lufthansa
more »
A company linked to the regime of ousted Iraqi dictator Saddam Hussein has had an account in a Bulgarian bank since 1994
more »
Ukraine’s parliament on Friday examined the new government’s revised 2005 budget
more »
EUROPEAN, CENTRAL ASIAN COUNTRIES TO DISCUSS BUSINESS ENVIRONMENT ISSUES
more »
The Lithuanian government said it was not happy with Yukos' work at Mazeikiu Nafta, an oil refinery and terminal, and has held talks with companies that want to buy Yukos' 54 percent stake
more »
Uzprivatbank started to issue credit cards along with debit cards
more »
The United States will take part in Poland's plan to buy back a large chunk of its $16 billion in Communist-era debt
more »