Indonesia to propose OPEC raise oil production on June 1: Purnomo

Jakarta (Platts)--18May2006

Indonesia will propose that OPEC raise oil production in order to bring
oil prices down from current high levels when ministers meet in Caracas June
1, Indonesian oil minister Purnomo Yusgiantoro said Thursday.
"We want OPEC to lower the oil price. At least OPEC should roll over its
current production or increase its output if possible," Purnomo told reporters
when asked about Indonesia's position leading up to the Caracas meeting.
Indonesia's OPEC governor Maizar Rahman said last month that his country
might propose an increase in OPEC's production if prices remained high.
"We will monitor the market, but if oil prices stay high we may propose
that OPEC increases its production. Indonesia wants the lower oil price and
that means OPEC should not cut its production and if possible the cartel
should increase its output," Maizar said at the time.
But he qualified it by saying a proposal to raise production would depend
on the ability of the 11-member group as a whole to raise output since some
members had reached their maximum capacity.
Indonesia is among a handful of OPEC producers producing at maximum
capacity and unable to meet their OPEC quotas. Iran is another.

For similar stories, visit Platts OPEC Guide at
http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml.


 

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