OPEC urges higher oil output<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Organization of Petroleum Exporting Countries (OPEC) has
\nurged non-OPEC oil producing countries to pump more oil in a bid
\nto ease soaring prices.<\/p>\n
OPEC president Purnomo Yusgiantoro said high oil prices would
\nhurt the economy of developing nations.<\/p>\n
\"We have asked non-OPEC countries to increase their output
\nbecause high oil prices will affect developing countries,\"
\nPurnomo, who is also the Indonesian minister of energy and
\nmineral resources, said on Monday.<\/p>\n
Purnomo said nonfundamental factors had made oil prices rise
\nagain despite the cartel's recent decision to increase output by
\n2.5 million barrels per day (bpd) starting August 1.<\/p>\n
He cited political tension in the Middle East as an example of
\none of the nonfundamental factors affecting oil prices.<\/p>\n
\"This is more related to geopolitical matters than supply-
\ndemand,\" he said.<\/p>\n
The 11 members of OPEC are responsible for a third of all
\nworld oil production. The bulk of the world's oil comes from non-
\nOPEC countries, notably Russia, Norway, Mexico and Oman.<\/p>\n
Purnomo said OPEC would convene on July 21 in Vienna to assess
\nthe decision to increase output.<\/p>\n
Asked if OPEC would decide to again increase output at the
\nmeeting, Purnomo said any decisions on production levels would
\nlikely take place in September.<\/p>\n
Purnomo said OPEC's reference price of seven crude oil
\nproducts could rise to about US$37 per barrel in the summer,
\nparticularly if nonfundamental factors continued to affect the
\nmarket.<\/p>\n
Otherwise, OPEC's basket price could return toward its price
\nrange target of $22 to $28 per barrel, he said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/opec-urges-higher-oil-output-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}