Purnomo says OPEC has no plans for emergency meeting

Purnomo says OPEC has no plans for emergency meeting

Jakarta (Platts)--28Sep2004


OPEC ministers will meet as scheduled on Dec 10 in Cairo, and there are no
plans as of now for a meeting before that date, the cartel's president and
Indonesian oil minister Purnomo Yusgiantoro told reporters in Jakarta Tuesday,
even as benchmark light, sweet crude WTI shot up to all-time highs on NYMEX
Access. "OPEC cannot do anything to lower the current oil prices...OPEC
doesn't have any plans yet to bring forward the [Cairo] meeting," Purnomo
said. West Texas Intermediate crude for November delivery traded at a historic
high of $50.47/bbl on Access Tuesday afternoon in Asia, continuing a NYMEX
rally spurred by hurricane-related supply disruptions in the US and fresh
unrest in oil-exporter Nigeria. OPEC headquarters in Vienna will study how big
an impact the latest outbreak of strife in Nigeria and continuing problems at
Russian Yukos were having on the market, Purnomo said. At its Sep 15 meeting,
OPEC raised its output ceiling by 1-mil b/d to 27-mil b/d effective Nov 1, but
the group is already pumping almost 1-mil b/d above the new ceiling.

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