Indonesia favors OPEC maintaining current output: Purnomo
Jakarta (Platts)--25May2005
Indonesia does not want OPEC to opt for an output cut at its upcoming Jun 15 ministerial meeting in Vienna, and is in favor of the cartel maintaining its current supplies to the market, oil minister Purnomo Yusgiantoro told reporters in Jakarta Wednesday. Asked if OPEC needs to cut output in view of the significant stock builds in consumer countries and prices coming off their recent record highs, Purnomo replied: "I don't think so." He added: "We hope OPEC maintains its current production." OPEC pumped 29.96-mil b/d in April, according to a Platts survey, with the 10 members bound by quotas producing 28.1-mil b/d, 600,000 b/d above their collective ceiling. OPEC president Sheikh Ahmed Fahed al-Sabah Monday said the cartel would continue pumping crude at 30.3-mil b/d to allow further builds in OECD consumer oil inventories, which have already risen to close to 54 days of forward cover. Meanwhile, Purnomo said he would like to see the OPEC basket price ease to a range of $35-40/bbl. The basket stood at $45.50/bbl Monday.
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