Gov't sees 2002 oil price above budget target

Minister of Energy and Mineral Resources said on Wednesday the country's average oil price would reach $24 per barrel for fiscal year 2002 (Jan-Dec), above its budget forecast of $22/bbl.

The average Indonesian oil price now is around $24 per barrel and I think $24 per barrel will be achieved for the 2002 budget," Minister Purnomo Yusgiantoro told reporters.

Oil prices are targeted to reach $22 per barrel under next year's draft budget but earlier this week Purnomo said that target might be difficult to reach.

Indonesia is forecast to produce 1.26 million barrels per day (bpd) of oil this year. That target was revised down from 1.32 million bpd.

The country produced 1.10 million bpd of crude oil in September compared with 1.12 million bpd in August. It also produced 150,000 bpd of condensate, compared to 140,000 bpd in August.

Indonesia, Asia' only OPEC member, has a quota of 1.125 million bpd from the cartel.(*)