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
Romanian business delegation from the energy sector will be visiting India in March to explore possibilities of investment in refineries, oil and gas fields.
more »
A U.S. bankruptcy judge on Thursday dealt a blow to Yukos’ bankruptcy case, ruling the embattled Russian oil company cannot seek information about whether oil monopoly Gazprom illegally took part in the sale of Yukos’ main oil producing unit
more »
Russian Agricultural Minister Alexei Gordeyev said on Saturday that Russia intends to promote production of its agrarian companies to the EU market
more »
Security company wins contract with Austrian banks
more »
Deutsche Bank AG wants to expand its Russian banking operations and is considering purchasing stakes in two Moscow banks
more »
A government-sponsored agency said Thursday it attracted investments worth over $2 billion in the Czech Republic last year
more »
The Russian Finance Ministry has set aside $85.273 million and 9.328 million euros for its next payments to the International Monetary Fund (IMF), the ministry said
more »
The Russian government approved on Thursday a package of six bills intended to improve the country's bankruptcy laws
more »
The deficit of trade of the Republic of Moldova could exceed one billion USD in 2005
more »
Labour Ministry: Interim period for labour from new EU states causes problems
more »