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
China's premier told the National People's Congress Thursday that the nation expects to achieve 8 percent economic growth this year.
more »
The European Commission is calling on EU leaders to further step up coordinated European action to fight the economic crisis.
more »
Biggest auto bosses except some changes in the car market, but despite this optimism, many say this could be last large-scale car show for several years.
more »
Taking into account changes in domestic money market AB DnB NORD Bankas, a member of international financial group, has changed corporate time deposit rates.
more »
A gradual increase in minimum tax rates on cigarettes, to at least €1.50 per pack by 2014, and other tobacco products, was backed by the Economic Affairs Committee on Monday, but it advocated smaller increases than those proposed by the Commission.
more »
About 2,000 Belgian postal workers marched in the centre of Brussels to protest over plans to privatise and reorganise the Belgian postal sector.
more »
In October last year Iceland suffered the most severe economic crash of any country during peacetime.
more »
ATMPortfoliosForSale.com, a site dedicated to the buying and selling of ATM businesses and portfolios, is reporting a drastic increase in ATM portfolio acquisitions.
more »
As the United States economy sinks further into recession fertility clinics have seen more women offering to donate their eggs for cash windfalls of up to 10,000 (USD).
more »
A group of financial experts has put forward 18 detailed recommendations to strengthen supervision of the EU’s financial institutions and markets.
more »