OPEC has no plans to mull extra output<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Organization of Petroleum Exporting Countries (OPEC) has no
\nplans at its meeting this month to consider a further increase to
\nits targeted output of 500,000 barrels per day (bpd) starting
\nAug. 1, OPEC president Purnomo Yusgiantoro said on Monday.<\/p>\n
\"It is not on our agenda yet. We will observe the oil market
\nfirst,\" said Purnomo, who is also Minister of Energy and Mineral
\nResources.<\/p>\n
He was commenting on previous remarks by Kuwaiti Oil Minister
\nSheikh Ahmad al-Fahd al-Sabah that the group would consider a
\nfurther increase in output at its July 21 meeting.<\/p>\n
OPEC agreed last month to raise its output ceiling by 2.5
\nmillion bpd in two stages in an effort to curb soaring world oil
\nprices.<\/p>\n
A rise of 2 million bpd was implemented this month, while the
\nremaining increase is due to be implemented on Aug. 1.<\/p>\n
Purnomo said any decision that OPEC made on July 21 would most
\nlikely come into effect on Sept. 1.<\/p>\n
\"But we have not decided whether the decision will be to
\nincrease or reduce production,\" he added.<\/p>\n
Meanwhile, oil prices in London rose slightly on Monday but
\nfell in New York as a resumption to deliveries in Nigeria offset
\nnews of a fire at a major refinery in Norway that has cut output
\nthere by half, traders said.<\/p>\n
In London the price of benchmark Brent North Sea crude oil for
\ndelivery in August rose five cents per barrel to US$37.10 in
\nearly afternoon trading.<\/p>\n
New York's light sweet crude for delivery in August dipped
\neight cents to $39.88 per barrel in pre-opening electronic deals.<\/p>",
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