OPEC would not hastily cut oil production
Indonesian Minister of Energy and Mineral Resources Purnomo Yusgiantoro expressed his hope on Monday that the Organization of Petroleum Exporting Countries (OPEC) would not hastily cut oil production for fear that oil prices would strengthen in the second quarter of 2006.
"OPEC should not hastily cut oil production for fear that oil prices will strengthen in the second quarter (of 2006)," Antara news agency on Tuesday quoted the minister as saying.
Normally, oil prices went down in the second quarter, but he said he wondered what would happen in the second quarter of 2006.
Based on OPEC simulation, oil prices would range from 55 U.S. dollars to 60 U.S. dollars a barrel over the period, while Indonesian oil prices would average 55 U.S. dollars a barrel, he said following a plenary cabinet meeting at the presidential office here late Monday.
He said Indonesia hoped OPEC would not hastily cut its production. Enditem