OPEC committee to recommend hiking oil output: Report
Wednesday, June 15 2005 - 03:19 AM WIB
In statements to the press after a meeting of the committee assigned, to observe oil markets, OPEC Chairman Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah explained the first recommendation calls for a 500,000 barrel per-day production increase by June, while the second advises raising it by the same amount with the time to be determined after consultations between OPEC's chairman and the ministers.
He added that the recommendations were suggested by OPEC's chairman and deputy chairman, as well as the head of the Nigerian delegation.
Regarding OPEC's goal from these recommendations, he said the organization will prove that it produces over 30 million barrels per-day and its willingness to increase production whenever the market needs it.
As for news claiming Indonesia's wish to withdraw from OPEC and Gabon's desire to join, he said that Indonesia is still an active member whose official response is awaited on this matter and Gabon, along with other nations, are welcome to join whenever the membership requirements are met. (*)