RI to propose oil output cut

JAKARTA (JP): Minister of Energy and Mineral Resources Purnomo Yusgiantoro reiterated on Friday that Indonesia would propose a cut of between 1.5 million and 2 million barrels a day in oil output by the Organization of Petroleum Exporting Countries (OPEC).

Purnomo said Indonesia will present this plan at OPEC's meeting March 16 meeting.

"The proposal is in line with the plan that Iraq will return to the market with its 2 million barrels a day production in the second quarter of this year," he said.

OPEC will meet in March amid calls from some members for production cuts to support oil prices. (jsk)