Indonesia to propose oil production cut at OPEC mid-January meeting
Indonesia will propose a cumulative oil production cut of between one and 1.5 million barrels per day for all member countries at the upcoming OPEC meeting in Vienna, a minister said here Wednesday.
"Our position is clear that we are going to propose a between one and 1.5 million barrel per day oil production cut," Minister of Energy and Mineral Resources Purnomo Yusgiantoro said.
At their last meeting in November, the ministers of the Organization of Petroleum Exporting Countries (OPEC) agreed to raise the group's output ceiling to 26.7 million barrels of crude oil a day.
A number of OPEC member countries have already called for a lowering of production quotas at the January 17 meeting in Vienna, following sharp falls in prices.
Libya, Iran and Kuwait have all called for cuts to stop prices falling further, with some suggesting that a million barrels a day less oil would stop the price slump in its tracks.
Yusgiantoro spoke at a news briefing after reshuffling the directors of the state-owned oil and gas company Pertamina.—AFP.
©--Agence France Presse.
© 2001 Mena Report (www.menareport.com)