Indonesia wants to keep OPEC output unchanged
Tuesday, September 9 2003 - 03:43 AM WIB
?We shall ask to maintain the current output levels until the end of this year,? director general of oil and gas at the Ministry of Energy and Mineral Resources Iin Arifin Takhyan told Petromindo. Com on Tuesday.
Iin said it was difficult to increase output at present given the instability in Iraq and Nigeria.
Minister of Energy and Mineral Resources Purnomo Yusgiantoro earlier in the day also suggested that it was difficult for OPEC to raise output at present.
?(Maintaining output levels) is an option,? Purnomo said, while noting that oil price was now on the decreasing trend.
Several other OPEC members have also indicated that they will propose to maintain output levels at the next OPEC ministerial meeting.
On Saturday, Kuwait's energy minister Ahmad al-Fahd al-Sabah was quoted by Reuters as saying that he believes OPEC's current production levels are likely to continue since oil prices were still suitable.
Recently, Ali al-Naimi, oil minister of OPEC heavyweight Saudi Arabia, also said that there was probably no need to change OPEC's output ceiling
A recent decline in oil prices took OPEC's reference crude oil price below $28 a barrel, beneath the threshold that might have triggered an increase in cartel production. If the basket of OPEC crudes had stayed above $28 for 20 consecutive business days, ministers could have considered triggering a 500,000 barrels per day supply increase. OPEC's price range is $22 to $28. (Godang)