OPEC calls on non-OPEC producers to boost oil output
Thursday, September 23 2004 - 02:04 AM WIB
The president of the Organization of Petroleum Exporting Countries (OPEC) renewed his call on Wednesday for oil producers outside the group to boost production to stop prices from rallying, the Dow Jones Newswires reported.
"I called on non-OPEC producers to (boost output) to help supply," Purnomo Yusgiantoro told reporters.
Purnomo, who is also Indonesia's Energy and Mineral Resources Minister, didn't mention any non-OPEC countries in particular.
On the New York Mercantile Exchange Wednesday, light sweet crude futures for November delivery hit a session high of $47.04 a barrel in Access trade on supply concerns in the aftermath of Hurricane Ivan and an expected draw in U.S. crude and distillate stocks.
OPEC earlier this month decided to increase its output ceiling by one million barrels a day starting Nov. 1, in an attempt to help cool down oil prices. (*)