Purnomo expects oil prices to cool down following Iraq handover

Jakarta (Platts)--1Jul2004

OPEC President Purnomo Yusgiantoro Thursday said he expected oil prices to
come down following a smooth handover of power by the US-led Coalition
Provisional Authority to the government in Iraq. Talking to reporters in Bali
at a signing ceremony for term LNG supplies to South Korean steel maker Posco
from Indonesia's Tangguh project, Purnomo said: "We saw that oil prices have
decreased since the Iraq handover, just as OPEC had expected." Asked if he
expected the price downslide to continue, Purnomo said that would depend on
the situation in Iraq. Any attacks on the country's oil infrastructure would
influence oil prices, he added.

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