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