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OPEC likely to cut output by up to 1.5 million bpd: Indonesia
AFP
JAKARTA
Petroleumworld.com 12 09 06OPEC is likely to propose a further production cut of one million to 1.5 million barrels a day at next week's meeting to support prices, Indonesian Energy Minister Purnomo Yusgiantoro said Friday.
The 11 members of the Organisation of Petroleum Exporting Countries are to hold a ministerial meeting in the Nigerian capital Abuja on December 14 to decide on a probable output cut in a bid to stabilise oil prices.
Yusgiantoro, a former OPEC president, said he had yet to get any reports from Maizar Rachman, OPEC's governor for Indonesia, about the reduction plan.
"But based on my experience, I believe the cut will be around 1.0 to 1.5 million bpd," he told reporters.
At its most recent meeting in Qatar in October, OPEC approved a cut in its output quota of 1.2 million barrels a day to stem falling prices, which have dropped from above 78 dollars in July.
Oil prices rose in Asian trade Friday after the latest attack on an oil installation in Nigeria and on growing expectations that OPEC will cut production further, dealers said.
AFP 08 1046 GMT 12 06
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