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
European Commission Vice-President Siim Kallas, responsible for transport, today presented to the College a preliminary assessment of the economic consequences for the air transport industry of the volcanic ash crisis.
more »
Boosting economic recovery, investing in Europe's youth and in tomorrow's infrastructures are the priorities of the 2011 draft budget adopted by the Commission on 27 April 2010.
more »
European Competition Commissioner Joaquín Almunia welcomes proposed commitments by Visa Europe to significantly cut its multilateral interchange fees (MIFs) for debit card payments.
more »
Because of the Icelandic volcano, flower growers in Colombia couldn't get their stems to markets in Europe.
more »
The Second Vice President of the Spanish government and Minister of Economy and Finance, Elena Salgado, on Sunday played down the importance of apparent fissures within the EU concerning the Greek financial crisis, expressing her confidence that all countries would support the aid package for this country, which will be accompanied by a tough budget-tightening plan.
more »
Commission launches an information campaign on the CE conformity mark - designed to ease the free movement of goods around Europe and protect consumers.
more »
If Europe's airports ever open again the introduction of new security measures like body scanners will be expensive.
more »
After Eurozone Finance Ministers agreed measures to address Greece’s financial woes last Sunday, MEPs quizzed leading economic figures, including the chairman of Goldman Sachs - former financial advisors to the Greek government - on how to strengthen EU economic governance and improve reporting of national statistics.
more »
The European Tourism Stakeholders Conference, being held in Madrid today and tomorrow, will explore ways and means to strengthen the visibility of tourism at a European level and to verify how the actions to promote a competitive EU tourism industry.
more »
The European Bank for Reconstruction and Development (EBRD), World Bank Group member IFC, and The Netherlands Development Finance Company (FMO) have joined up with the Asia Debt Management Hong Kong (ADM Capital) to establish a regional fund to invest in midsize companies facing financing difficulties as a result of the financial crisis.
more »