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Non-OPEC producers urged to boost world oil supply: Indonesian minister
AFP
JAKARTA
Petroleumworld.com 05 09 06
The Organisation of Petroleum Exporting Countries (OPEC) is urging non-OPEC oil producers to help stem the rise in world oil prices, Indonesian Energy Minister Purnomo Yusgiantoro said Monday.
Yusgiantoro said it was difficult for OPEC members to step up production and that even the excess capacity of Saudi Arabia, a key OPEC producer, was almost accounted for.
"Therefore we hope for the cooperation of non-OPEC countries, especially Russia and Mexico, in production matters. They should participate, to influence the psychology of supply and demand," the minister said.
He said that the 11-member oil cartel was planning to meet again in Caracas on June 1 to discuss what further steps the group could take.
Last week, OPEC's daily "basket" price, based on crude prices from member countries, hit a historic high of 68.4 dollars (54.3 euros) per barrel.
Indonesian is Asia's only OPEC member but its oil output has fallen in recent years to about one million barrels per day.
AFP 05 08 06 0454 GMT
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