Business | Oil & Gas
Indonesia wants Opec to raise output further
Indonesia wants the Organisation of the Petroleum Exporting Countries to raise oil output further, energy minister Purnomo Yusgiantoro said on Tuesday, appearing to break ranks with other members of the producer group.
- Reuters
- Published: 00:22 November 21, 2007
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Jakarta: Indonesia wants the Organisation of the Petroleum Exporting Countries to raise oil output further, energy minister Purnomo Yusgiantoro said on Tuesday, appearing to break ranks with other members of the producer group.
Western consumer nations feeling the pinch from high prices have put pressure on the group to pump more oil. But most Opec nations have been saying there is little it can do to help as factors beyond its control are driving the market.
"We will be happy if Opec can increase its production further to affect the world oil price," Purnomo told reporters.
"We want the Indonesian oil price at the level of between $60-$65 a barrel," he added.
Indonesia's benchmark Minas crude traded at $84.31 a barrel in October, up from $76.85 in September, while global benchmark US light crude is hovering at $94 a barrel.
Ageing wells
Indonesia's ageing wells and lack of investment in the energy sector have pushed the country to become a net crude oil importer, although it is still a net energy exporter, thanks to a huge supply of natural gas and coal.
Rising global oil prices have caused Indonesia's fuel subsidy bill to balloon, with officials warning it could hit 90 trillion rupiah ($9.65 billion) this year if prices reached $100 a barrel.
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