RI won't propose an increase in OPEC quota<\/p>\n
Indonesia will not propose an increase in OPEC's
\nproduction quota when the organization meets next week in Vienna,
\nMinister of Energy and Mineral Resources Purnomo Yusgiantoro said
\nFriday.<\/p>\n
\"We are not going to suggest any quota increase because our
\nproduction is maximum,\" the minister was quoted by the state
\nAntara news agency as saying.<\/p>\n
He was speaking after meeting President Megawati Soekarnoputri
\nin advance of the March 11-12 meeting of the Organization of
\nPetroleum Exporting Countries.<\/p>\n
Last week OPEC Secretary General Alvaro Silva Calderon said
\nthe group was ready to offset price increases with more
\nproduction in the event of a U.S.-led war with Iraq.<\/p>\n
He said it could raise its current production quota of 24.5
\nmillion barrels a day by over 15 percent in the event of war.<\/p>\n
On Thursday, Purnomo said OPEC's price band target was no
\nlonger viable because the OPEC basket price was still above the
\ntop of the band.<\/p>\n
\"The $22-$28 per barrel price band isn't workable anymore as
\nthe oil price isn't likely to drop below $28 per barrel,\" Purnomo
\ntold reporters.<\/p>\n
OPEC's basket of seven crude oils averaged $32.12 a barrel
\nTuesday, compared with $31.63 per barrel Monday.<\/p>\n
However, Purnomo stopped short of saying whether Indonesia
\nwill officially ask OPEC to drop the price band mechanism during
\nthe organization's meeting in Vienna. -- Agencies<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-wont-propose-an-increase-in-opec-quota-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}