Indonesia to slash crude production by 78,000 BPD

Indonesia would cut crude production by 78,000 barrels per day (BPD) following OPEC?s decision to cut output by 1.5 million BPD starting January 2002, Minister of Energy and Mineral Resources Purnomo Yusgiantoro told Petromindo.com Sunday.

With the cut, Indonesia would be producing at around 1.12 million BPD.

Purnomo said that he was optimistic that oil price could reach US$ 22 per barrel after non-OPEC countries; including Russia had promised to cut crude production by 462,000 BPD. (godang)