OPEC ministers in close consultations to calm markets: Purnomo

Jakarta (Platts)--29Sep2004

OPEC ministers are keeping in close consultations over the current high crude
prices "with the aim of bringing calm to the market," the cartel's president
Purnomo Yusgiantoro said at a press conference in Jakarta Wednesday. His
comments came after the US benchmark crude West Texas Intermediate crossed the
$50/bbl mark. "OPEC has been addressing problems associated with supply and
demand and will continue to do so," Purnomo said. "OPEC is capable of bringing
a further 1.5- to 2-mil b/d of production to the market if required and in
fact, some of our members have already taken steps to ensure the market
remains well supplied," he said. 

Despite the measures taken, OPEC ministers
"will keep in close consultation with the aim of bringing calm to the market,"
Purnomo said. "We will continue to carefully monitor the market situation and
take whatever action is necessary in the interest of the world economy."
OPEC's 10 members bound by quotas pumped 27.97-mil b/d in August, according to
a Platts survey. Including Iraq, the group produced 29.75-mil b/d.

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