Crude oil exports set

Crude oil exports set

SINGAPORE (Reuters): Indonesia state oil company Pertamina has allocated its monthly May crude export volumes to affiliates and term buyers, but has not given directives to producers about production cutbacks, foreign producers in Indonesia said yesterday.

"We haven't received any official notification about cutting production, we're still producing at steady levels," said a source at a major producer in Indonesia.

Other producers said their output has been mostly steady since before global production cuts came into force.

"We are expecting some sort of letter from Pertamina about cutbacks, but so far there's been nothing yet," said another producer.

Indonesia, the only Asian member of the Organization of the Petroleum Exporting Countries (OPEC), signed an agreement March 30 in Vienna to cut crude production by 70,000 barrels-per-day from April 1.