Purnomo said OPEC would go ahead with its steps to stabilize global oil prices to convince consumers that the cartel would react if imbalanced market fundamentals threatened market stability.
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OPEC says Supplies Sufficient
OPEC president attempts to calm market over spiralling prices...
Crude oil stocks are sufficient to meet global demand OPEC Presiden Purnomo Yusgiantoro said in reference to the OPEC price mechanism. "Until now the market's needs for oil can still be met," Purnomo, who is also OPEC secretary general, added.
OPEC's oil output currently stands at 27.6 million barrels per day compared to 24.5 bpd agreed upon at the previous OPEC meeting.
Purnomo said OPEC would go ahead with its steps to stabilize global oil prices to convince consumers that the cartel would react if imbalanced market fundamentals threatened market stability.
"OPEC will always step up its efforts to monitor the market condition in the same way as it did in 2003 when OPEC members met seven times," he said.
Purnomo said OPEC would go ahead with its steps to stabilize global oil prices to convince consumers that the cartel would react if imbalanced market fundamentals threatened market stability.
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