Indonesia to back OPEC oil cut at December meet

Indonesia said on Monday it would back an expected cut in OPEC output when the oil cartel holds an extraordinary meeting in Cairo on Dec. 28.

"OPEC has to take a decision to cut output. Such a decision will give good signs to the oil market," Mines and Energy Minister Purnomo Yusgiantoro told reporters without mentioning any amount.

The Organization of Petroleum Exporting Countries said during its last regular meeting in November that it would reduce output by 1.5 million bpd from January 1 if non-OPEC producers cut production by 500,000 bpd.

Non-OPEC producers, including Russia, Norway and Mexico, have pledged reductions of 462,000 bpd.

"Indonesia sees several alternatives, including proportional cuts by OPEC and non-OPEC (members)," Purnomo said. He gave no further details.

Global petroleum demand has tumbled since the Sept. 11 hijack attacks on the United States, helping push oil prices down by a third. Indonesia is Asia's only member of OPEC. (*)