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
-
Opec pledges adequate oil supply
Opec pledges adequate oil supply
-
UAE calls for green energy
UAE calls for green energy
-
Energy 'still Abu Dhabi's backbone'
Energy 'still Abu Dhabi's backbone'
-
Abu Dhabi's surplus to soar on oil revenues
Abu Dhabi's surplus to soar on oil revenues
-
Stark divisions over falling dollar come to fore at Opec meeting
Stark divisions over falling dollar come to fore at Opec meeting
-
Senior Adnoc official urges efficient use of hydrocarbon resources
Senior Adnoc official urges efficient use of hydrocarbon resources
-
Oil above $94 on dollar woes
Oil climbs above $94 as dollar woes persist
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.
Share this article
Related Articles
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
