OPEC To Reset Oil Prices

OPEC is reconsidering its current oil price adjust to the US. dollar depreciation against major currencies and inflation.
OPEC president Purnomo Yusgiantoro said the price band of 22 US dollars to 28 dollars per barrel was deemed no longer suitable for present conditions as it had been set in 2000.
Asked if the price band would be changed to between 25 and 32 dollars as suggested by analysts, Purnomo replied it was possible.
The price band mechanism is aimed at keeping a basket of crude prices within a certain range by increasing production. If the price stays below 22 dollars per barrel for 10 consecutive trading days, OPEC could cut output.