Jakarta (Platts)--3Jan2008

There is a possibility that OPEC might increase production after NYMEX
light, sweet crude futures hit $100/barrel, Indonesia's OPEC governor Maizar
Rahman said Thursday.
OPEC will make a decision on whether to boost or maintain its production
in the upcoming meeting in Vienna on February 1, Maizar said.
"We have not coordinated yet, but probably OPEC will wait for the
upcoming meeting to make a decision. But there is a possibility that OPEC
might increase production, particularly if the current high oil price is
driven by oil supply," he said.
OPEC left crude production limits unchanged at 27.253 million b/d at its
December 5 meeting in Abu Dhabi.
NYMEX front-month crude hit the $100 mark in floor trading Wednesday. The
move to $100/b, which was a gain of $4.02 on the day, was sparked by a renewed
freefall in the dollar and typical new year portfolio re-allocation.
Weak manufacturing data released earlier in the session exacerbated the
selloff in the dollar that was already underway. The ISM Manufacturing survey
for December was reported at 47.7%, down from 50.8% in November. A reading
below 50 signals the US economy is contracting.
Additional support came from renewed violence in Nigeria, but thus far,
that had failed to translate into any supply disruption.