OPEC production exceeds quota

Wed, 01 Dec 2004 | Source: AFP

JAKARTA: OPEC is currently producing 28.5 million barrels of oil per day, exceeding its quota by 1.5 million bpd, the cartel's president said on Tuesday.

"We have oversupply (amounting to) 1.5 million barrels per day. Currently, total output stands at 28.5 million barrels per day," Purnomo Yusgiantoro said.

Purnomo predicted that demand for oil would decrease in the second quarter of 2005.

OPEC will discuss plans for 2005 at its ministerial meeting in Cairo on Dec. 10.

"There are three items on the agenda: first OPEC's basket price, second the range of the OPEC price band and third, policies for next year," Purnomo, who is also Indonesia's energy minister, said.-- AFP

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