[nasional_list] [ppiindia] Oil prices are too high, says Opec
- From: "Ambon" <sea@xxxxxxxxxx>
- To: <"Undisclosed-Recipient:;"@freelists.org>
- Date: Mon, 28 Feb 2005 06:13:30 +0100
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http://thestar.com.my/services/printerfriendly.asp?file=/2005/2/27/business/10277879.asp&sec=business
The Star Online > Business
Sunday February 27, 2005
Oil prices are too high, says Opec
SINGAPORE: Indonesian oil minister Purnomo Yusgiantoro said the Organisation of
the Petroleum Exporting Countries (Opec) ministers had formed a rough consensus
that oil prices were too high, the International Herald Tribune reported
yesterday.
Purnomo also confirmed his government would hike fuel prices 29% and said an
international oil firm had reported that a major new field had been found in
his country, the newspaper said.
Purnomo cautioned that Opec ministers would not necessarily agree to increase
production at their next meeting in Iran on March 16 because they knew oil
demand tended to drop in the northern spring.
But, in comments matching those made by another Indonesian official on Friday,
he said current oil prices were too high.
"They have got to be lower than what we see today, because even Opec doesn't
like to see the high oil prices," the newspaper quoted Purnomo, Indonesia's
representative at Opec and a former Opec head, as saying in an interview.
Purnomo said he would like Indonesian oil prices to drop to around US$35 a
barrel by late spring.
A senior Indonesian energy ministry official, Iin Arifin Takhyan, said on
Friday that current world oil prices at around US$50 a barrel were too high but
also said Opec did not need to cut production heading into the spring.
High oil prices do not help Indonesia because falling production from ageing
fields mean in some months it is a net importer of crude. The government also
faces high subsidy payments when oil prices rise.
Confirming comments by Indonesian lawmakers, Purnomo told the newspaper his
government planned to announce a 29% increase in retail prices for gasoline and
diesel.
Purnomo said the hike, which he acknowledged was likely to trigger street
protests, would be announced tomorrow night.
Indonesia's poor pay only 700 rupiah (7.6 US cents) per litre for kerosene,
less than half the retail market price of 1,800 rupiah per litre charged to the
corporate sector.
He declined to give details of the major oil find that had been reported by an
oil company.
However, he said recent discoveries should add 300,000 barrels per day to
Indonesia's annual production for several years, allowing the country to
maintain overall production above a million barrels per day.
Indonesia has begun a review of its membership in Opec because of questions
about whether it can maintain its status as a net exporter of crude oil. -
Reuters
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