OPEC secretary general Rilwanu Lukman said in Jakarta Wednesday that the organization would increase oil production again in October if prices continue to spiral.
"If during the month of October prices remain stubbornly high, then we will do something in October, if necessary," Lukman told a press conference.
"We stand ready if necessary to put an extra 500,000 barrels within October," he said.
"If the markets continue to be strong, stronger than we want ...we are going to do something before the 12th of November (the next scheduled OPEC meeting). We don't need a meeting," he said.
Lukman's statement appeared to support a separate statement made in Caracas on Tuesday by the current president of the Organization of Petroleum Exporting Countries (OPEC), Venezuelan Energy Minister Ali Rodriguez.
Rodriguez told Globovision television Tuesday that the cartel could pour another 500,000 barrels of oil into the marketplace in the next 20 days if prices do not fall.
In New York Tuesday the cost of light sweet crude eased just 37 cents to 36.51 dollars a barrel.
The benchmark Brent North Sea crude oil for November delivery was trading at 34.05 dollars a barrel Tuesday, against 34.46 dollars at the close on Monday.
In Jakarta Wednesday Lukman refused to make specific predictions on price movements, other than to say that he expected they should go down with the extra 800,000 barrels going into the market as of October 1.
"I don't think anybody can tell you where prices are going to go, how high or low they are going to be," he said.
But he added OPEC was trying to bring them down to between 22 and 28 dollars a barrel.
He said OPEC had "taken steps in that direction, and by the time we put in the 800,000 barrels we've said from the first of October, we will have put in over three million barrels in less than six months, so this should report into the market, and should bring down prices."
"Factors may come into play to stop that (a price fall) from happening, but as time goes on, this oil will make a difference," Lukman said – JAKARTA (AFP)
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