Corporate Results of over 2500 companies Monday, November 8, 1999
fesub.gif (4328 bytes)
Full Story
fe.gif (834 bytes) flnews.gif (5153 bytes)
Search FE
-
Download
BSE Quotes
NSE Quotes
-
Think Tank
This week we focus on a complete analysis of the
tea industry
-
 

Indonesia wants to continue Opec production cuts 

REUTERS  
Jakarta, Nov 7: Indonesia's energy minister on Friday said OPEC output cuts had been effective and were worth keeping, but wanted Jakarta to have a fair quota. "Cuts by OPEC and non-OPEC have indeed brought stable oil prices. Why don't we make an effort to continue them," Susilo Bambang Yudhoyono told reporters. When asked whether Indonesia would defend OPEC cuts beyond March, he said: "Specifically, we have not formulated a decision. However, we have to struggle for price stability."

The current agreement among the Organisation of Petroleum Exporting Countries to restrict oil supplies expires at the end of next March. But Yudhoyono said Indonesia, widely believed to be exceeding its quota of 1.187 million barrels-per-day, wanted a fair share of agreed production levels within the cartel. "We will study our (production) capacity and what we can achieve from a fair quota...we want as high as possible revenue with a fair quota," he said. "If our revenue improves...that is not a bad option," he said whenasked if Indonesia would seek a quota increase. Oil industry sources said Indonesia produced around 1.34 million bpd of crude in October and 150,000 bpd of condensate. Indonesia, which has been in a prolonged economic recession, still relies heavily on oil exports.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

- Lead Stories | Corporate | Infrastructure | Commodities | Economy/Finance | BSE Today | NSE/ Markets | Strategy | Convergence | After Hours top.gif (150 bytes)Top
flame.jpg (1068 bytes) © Copyright 1999: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the world.
This entire edition is compiled in Mumbai by The Indian Express Online Media Limited, a division of
The Indian Express Group of Newspapers. Managed by The Indian Express Online Media Limited and hosted by CerfNet.