JP/13/Opec

Please check heading: 2x20 OPEC has no plans to mull extra output

The Jakarta Post Jakarta

The Organization of Petroleum Exporting Countries (OPEC) has no plans at its meeting this month to consider a further increase to its targeted output of 500,000 barrels per day (bpd) starting Aug. 1, OPEC president Purnomo Yusgiantoro said on Monday.

"It is not on our agenda yet. We will observe the oil market first," said Purnomo, who is also Minister of Energy and Mineral Resources.

He was commenting on previous remarks by Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah that the group would consider a further increase in output at its July 21 meeting.

OPEC agreed last month to raise its output ceiling by 2.5 million bpd in two stages in an effort to curb soaring world oil prices.

A rise of 2 million bpd was implemented this month, while the remaining increase is due to be implemented on Aug. 1.

Purnomo said any decision that OPEC made on July 21 would most likely come into effect on Sept. 1.

"But we have not decided whether the decision will be to increase or reduce production," he added.