Indonesia to ask OPEC not to cut oil output
Wednesday, June 4 2003 - 04:04 AM WIB
Indonesia will ask the Organization of Petroleum Exporting Countries (OPEC) not to cut production quotas in its meeting in Qatar on June 11, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said Wednesday.
?As oil prices have increased, OPEC needs not cut oil output,? Purnomo said in a seminar in Jakarta.
Oil prices soared above US$30 a barrel for the first time since mid-April on Monday.
OPEC holds a formula that it will increase supply above quota if oil reach above $28 per barrel and will cut production if the price stays below $22 per barrel. (Godang)