RI supports OPEC quota increase
Thursday, March 23 2000 - 04:00 AM WIB
The Indonesian government supported proposals to increase oil output at the impending Organization of Petroleum Producing Countries (OPEC), but the increase should not be above 2 million barrels per day, Minister of Mines and Energy Susilo Bambang Yudhoyono said on Wednesday.
"The cabinet meeting supports an increase in oil output by, say, one million barrels per day, not two to there million barrels per day," Bambang said after the cabinet meeting.
Bambang said Indonesia would ask for an increase in its oil quota to 1.2 million barrels per day from 1.87 million barrels per day.
He said the ideal price for oil for Indonesia was between US$22 and $26 per barrel.
Separately, Minister of Foreign Affairs Alwi Shihab said on Tuesday in Algiers that the oil price should not be "less than $25 per barrel".
Indonesia has set the oil price assumption at $20 per barrel in the state budget. (*)