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
Hungary is to register a general government deficit of Ft 210 billion in January, the Finance Ministry projected yesterday
more »
The central bank governor is warning that the euro is not the cure for all Poland's ills
more »
Heads of the Azerbaijani and Georgian customs bodies are scheduled to meet at the Boyuk Kasik station on the border shortly
more »
The debit cards issued by Bulgaria's largest card operator BORIKA has increased by more than 1.06 million in 2003 y/y reaching the impressive number of 3.5 million
more »
Cooperation with international financial organisations
more »
The Russia Finance Ministry plans to issue securities worth RUR234bn (about USD8.35bn) in 2005
more »
The United States may invest massively in Ukraine if its new government achieves economic stability, Interfax-Ukraine news agency said Wednesday.
more »
Belarus posted the most industrial growth among Commonwealth of Independent States countries in January- November 2004, with output increasing 15.8% year-on-year
more »
Economists have called on Poland to repay some or all of its approximately zł.52.81 billion debt to the Club, saying now is an ideal time for a buyback of the debt
more »
Europe stormed ahead of the US last year in its dash to offshore more business activities, a report revealed yesterday
more »