Indonesia will seek OPEC oil production rollover

Indonesia will suggest OPEC roll over the present oil production, if the world oil prices are good until early December, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said in Jakarta on Wednesday.

Purnomo, who will become OPECs’ president next year, made the statement during a hearing with the House of Representatives’ Commission III and Commission VIII.

OPEC ministers will gather in Vienna on Dec. 4 to analyze the situation of the market and consider possible "adjustments" in the production. In September, the oil cartel decided to cut production by 900,000 barrels per day as of Nov. 1, in order to bring production down to 24.5 million barrels per day

The oil cartel decided to cut production in September on worries that oil prices will be depressed due to additional supplies from Iraq.

However, oil prices rose last week due to fears that increased violence in Iraq could derail efforts to get the country's oil exports flowing, as well as more general terrorism worries. The so-called OPEC basket of selected oil ended last week with a US$1 increase that brought the crude price to $28.25 per barrel. (Godang)