OPEC to maintain
\ncurrent output<\/p>\n
VIENNA (AFP): OPEC is unlikely to increase oil output next
\nmonth despite a resurgence of prices, but could hold another
\nspecial meeting to review the situation if they continue to soar,
\nits head said on Wednesday.<\/p>\n
In an interview, OPEC Secretary General Ali Rodriguez declined
\ncompletely to rule out a production increase at the June 5
\nmeeting, but noted that OPEC had a price-band mechanism which
\nautomatically increased output if prices stayed high.<\/p>\n
\"I believe that we will maintain the present level of
\nproduction\" at the ministerial meeting of the Organization of
\nPetroleum Exporting Countries (OPEC) in Vienna, he said.<\/p>\n
Asked where a production increase was nevertheless possible
\namid a rise of prices which have approached 30 dollars a barrel
\nin recent days, he said: \"It's ... a possibility, but we have to
\nwait for the conference.\"<\/p>\n
Rodriguez insisted that OPEC's price-band mechanism, aimed at
\nkeeping crude prices within a range of 22-28 dollars, would also
\nbe triggered if necessary.<\/p>\n
\"If the price remains above US$28 for 20 days immediately the
\nprice mechanism is triggered,\" he said, referring to the
\nmechanism which increases production by 500,000 barrels per day
\n(bpd) if OPEC's benchmark price stays above 28 dollars for 20
\nworking days, or below 22 dollars for 10 days.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/opec-to-maintain-1447899208",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}