Opec mulls output rise

JAKARTA – The Organisation of Petroleum Exporting Countries (Opec) will discuss a possible output rise for September, the cartel’s president Purnomo Yusgiantoro said yesterday.

Asked by reporters whether Opec plans such an increase, Yusgiantoro replied, “We’ll discuss it.” He said he would travel to Vienna later yesterday to discuss a report by a team which monitors market developments.”I’m going there to see the latest supply and demand balance,” he said.Yusgiantoro said there was a tendency for oil prices to rise owing to increasing demand but added that Opec had increased production.Opec agreed last month to raise its output ceiling by 2,5 million barrels a day in two stages in its effort to curb high world prices.A rise of two million barrels per day began this month while the 500 000 rise is due to go into force on August 1.Yusgiantoro, who is also Indonesia’s energy minister, said calls by Opec for non-members to raise production have received no response even though they have large spare capacity.Yusgiantoro said Opec still had spare capacity but only for a short term.”That is why we asked non-members to help increase world oil supply,” he said.- Nampa-AFPHe said he would travel to Vienna later yesterday to discuss a report by a team which monitors market developments.”I’m going there to see the latest supply and demand balance,” he said.Yusgiantoro said there was a tendency for oil prices to rise owing to increasing demand but added that Opec had increased production.Opec agreed last month to raise its output ceiling by 2,5 million barrels a day in two stages in its effort to curb high world prices.A rise of two million barrels per day began this month while the 500 000 rise is due to go into force on August 1.Yusgiantoro, who is also Indonesia’s energy minister, said calls by Opec for non-members to raise production have received no response even though they have large spare capacity.Yusgiantoro said Opec still had spare capacity but only for a short term.”That is why we asked non-members to help increase world oil supply,” he said.- Nampa-AFP