JAKARTA, 15 October 2003 — OPEC will stick to its plan to cut output by 900,000 barrels a day from Nov. 1 despite the recent rise in crude prices, Energy Minister Purnomo Yusgiantoro said yesterday.
“OPEC will cut output on Nov. 1. But of course we will see if the price rise will continue,” he told reporters.
The Organization of Petroleum Exporting Countries last month agreed to lower its output ceiling by 900,000 barrels a day to 24.5 million effective Nov. 1, in order to avoid an oversupply in early 2004. OPEC’s targeted price range is $22-$28 a barrel. Yusgiantoro said OPEC will only evaluate its decision at the next meeting on Dec. 4.
Indonesia, OPEC’s only East Asian member, is targeting oil production of 1.27 million barrels a day this year.
Meanwhile, oil prices rose in late trading in London yesterday.
The price of reference Brent North Sea crude oil for delivery in November rose 49 cents to $31.16 per barrel, having slipped back earlier in the day. New York’s benchmark light sweet crude November contract was showing a rise of 40 cents to $32.35 per barrel in morning trading.