OPEC may up output: Purnomo

OPEC may up output: Purnomo

JAKARTA: Indonesia's Energy Minister Purnomo Yusgiantoro, who will take over the presidency of OPEC from next year, said on Tuesday the organization would increase output by 500,000 barrels per day (bpd) if oil prices stay above US$28 for more than 20 days.

The Organization of Petroleum Exporting Countries' (OPEC) decision to cut output by 900,000 bpd to 24.5 million bpd from Nov. 1 has led to a spike in crude oil prices above the organization's target $22-$28 a barrel price band.

OPEC's crude oil price basket has been trading above $28 for seven days, Purnomo said.

"OPEC will certainly increase its supply by 500,000 bpd if the price remains above $28 a barrel for 20 days," he told reporters. --Dow Jones