Sudjana estimates upsurge in oil prices will continue<\/p>\n
JAKARTA (JP): Oil prices, which have been increasing this
\nyear, are expected to continue rising due to better compliance by
\nOPEC members with their output quotas, a minister says.<\/p>\n
Production by the 12 members of the Organization of the
\nPetroleum Exporting Countries (OPEC) does not exceed their total
\nceiling of 24.52 million barrels per day (bpd), Minister of Mines
\nand Energy I.B. Sudjana told reporters here yesterday after
\nswearing in new members for the supervisory board of the oil and
\ngas technology research and development center (Lemigas).<\/p>\n
He said OPEC members are committed to not raising their
\nproduction ceiling until the end of the year.<\/p>\n
The price of Indonesia's benchmark oil, Minas, increased to
\nUS$15.90 per barrel early this week from about $13 a few months
\nago.<\/p>\n
Meanwhile, London July futures for the world benchmark Brent
\nBlend were trading at $16.48 per barrel, as compared to some $13
\nsix months ago.<\/p>\n
Sudjana said oil prices are expected to continue increasing
\nbecause OPEC, in its ministerial meeting in Vienna on Wednesday,
\nwill likely maintain its production ceiling, while demand for
\nOPEC oil is estimated to exceed 26 million bpd.<\/p>\n
Sudjana added that one of the important issues to be discussed
\nat the Vienna meeting is the replacement of OPEC Secretary
\nGeneral Subroto, who has held the post for two periods.<\/p>\n
"There are two candidates now being promoted for the post,
\nincluding the ministers for oil affairs of Venezuela and Iran,"
\nhe said.<\/p>\n
At yesterday's inauguration ceremony, Sudjana reappointed
\nSuyitno Patmosukismo, who is also director general for oil and
\ngas, as chairman of Lemigas's supervisory board and Bambang
\nTriadji as a member. Sudjana also appointed Widartomo
\nWirjatmodjo, Luluk Sumiarso and Roefaiki Djajadiningrat as
\nmembers of the board. (fhp\/imn)<\/p>",
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"sponsor": "Okusi Associates",
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