Indonesia sees crude price improvement in Q3 2002

Minister of energy and mineral resources Purnomo Yusgiantoro said despite OPEC and non-OPEC production cut, price would not go significantly higher than US$ 22 per barrel until the third quarter of this year.

?Despite production cut, we see weak demand for the first two quarters. Demand would start to improve in the third quarter, when summer is approaching,? Purnomo told reporters in a press conference Wednesday.

Separately, director general of oil and gas Rachmat Sudibyo said that Indonesia had already comply with OPEC production cut by producing 1.18 million barrel per day of crude. (alex/godang)