Non-OPEC members agree to cut outputs: Purnomo

Non-OPEC members have agreed to cut output by 500,000 barrels per day in a concerted effort with OPEC to prevent crude price from declining next year, according to Minister of Energy and Mineral Resources Purnomo Yusgiantoro.

Punomo told reporters in Jakarta on Sunday the representatives of non-OPEC members, including Russia, Mexico and Angola, voiced readiness to participate in the production cuts during the cartel?s ministerial meeting in Vienna on Thursday.

Purnomo reiterated that OPEC was concerned of the prospect that crude price would fall next year as a result of oversupply, particularly with Iraq?s plan to increase its output to 3 million barrels per day next year. The oversupply was estimated to reach 1.4 million barrels per day unless OPEC and non-OPEC countries cut their output.

OPEC agreed to cut oil output by 900,000 barrels per day during the Thursday meeting, effective Nov. 1.

The decision has pushed crude price higher and angered U.S. President George W. Bush, who said it would ?hurt? the U.S. economy.

Purnomo said OPEC?s ministers would meet again on Dec. 4 in Vienna to study the compliance of its members to the lower quotas. (Godang)