OPEC's oil surge mainly technical: Sudjana<\/p>\n
JAKARTA (JP): Minister of Mines and Energy Ida Bagus Sudjana
\nsaid yesterday that the Organization of Petroleum Exporting
\nCountries (OPEC) is producing about 500,000 barrels of oil per
\nday above its agreed output ceiling.<\/p>\n
\"The higher output is mainly technical because of a slight
\nexcess in pumping crude by many of its members,\" Sudjana told
\nreporters after meeting with President Soeharto.<\/p>\n
The organization agreed in January to extend its output
\nceiling of 24.5 million barrels per day (bpd) until the end of
\nthis year, but it turned out that the current level of
\nproduction, by its 12 members, reaches 25 million bpd.<\/p>\n
Sudjana, who is also OPEC's president, said he had reported to
\nSoeharto about his plan to attend an OPEC ministerial meeting in
\nVienna on Monday to discuss the organization's financing problem,
\nthe group's quota, oil output by independent producers, Iraqi
\nproduction and the development of Iran-U.S. relations.<\/p>\n
Iraq is an OPEC member but has halted its oil exports due to a
\nUnited Nations embargo.<\/p>\n
Sudjana said the OPEC meeting will also discuss Gabon's plan
\nto withdraw its membership due to difficulties in paying a
\nmembership contribution of US$1.5 million a year.<\/p>\n
Gabon, a small producer, with an output quota of 287,000 bpd,
\npays the same amount as Saudi Arabia, a major OPEC producer with
\na quota of eight million bpd.<\/p>\n
The minister said that he obtained a pledge from the West
\nAfrican country to temporarily suspend its decision to quit
\nduring his recent visit to Gabon, but he added that the country's
\noil minister was expected to announce Gabon's final decision at
\nnext week's meeting.<\/p>\n
Sudjana said he will also visit Alaska and attend a bilateral
\nenergy meeting in South Korea.(31)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/opecs-oil-surge-mainly-technical-sudjana-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}