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
On 11 February, heads of state or government of European Union member states will meet in Brussels to seek a commitment towards implementing a revitalised economic strategy to boost employment and growth in the EU.
more »
International Monetary Fund forecasts that Lithuania’s economy will grow 1.6 % this year, making it “the only one of the three Baltic economies expected to be in the positive territory in 2010”.
more »
Raynair announced it would open its 40th and 1st Central European base at Kaunas, Lithuania’s second largest city, in May with 2 based aircraft and 18 routes.
more »
A new Partnership Strategy for Morocco has been approved by the Board of Executive Directors of the World Bank.
more »
The electric car is an opportunity for European industry.
more »
The EBRD’s Board of Directors has adopted a new strategy for Kazakhstan, which reinforces the Bank’s commitment to further support the Kazakh economy and sets out the priorities for its activities in the country over the next three years.
more »
The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB).
more »
At the informal meeting of the Ministers of Competitiveness (Science and Industry), to be held between 7 and 9 February in San Sebastian, the issues on the table will include placing science at the top of the EU agenda and showcasing its role in economic recovery, as well taking the debate on the electric vehicle to EU level.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn.
more »
Mr. Nadeem Ilahi, chief of an International Monetary Fund (IMF) staff mission to the Kyrgyz Republic, issued the following statement today in Bishkek.
more »