OPEC likely to roll over current output quota

OPEC likely to roll over current output quota: Purnomo

Jakarta (Platts)--2Dec2004


OPEC is likely to roll over its current output ceiling of 27-mil b/d at its
meeting in Cairo on Dec 10, the cartel's Indonesian president Purnomo
Yusgiantoro told reporters in Jakarta Thursday. 

"There are indications from OPEC members to roll over the current quota and see

where oil prices are in January and February before making any adjustments,"

Purnomo said. "OPEC feels oil prices will remain high in the first quarter of

2005 due to geopoliticalfactors. However, in Q2 prices will be lower as demand

is expected to fall," he added. He said OPEC is likely to meet again in March

to review oil prices before making any adjustments to its output ceiling. OPEC's

ten members bound by output quotas are collectively pumping 28.5-mil b/d at present,

Purnomo had earlier said. Including Iraq, which does not have a ceiling on its

production, OPEC output stands at 30.5-mil b/d. OPEC's production ceiling effective

Nov 1 stands at 27-mil b/d, after three succesive rounds of increases through this
year totalling 3.5-mil b/d aimed at reining in runaway prices.

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