Indonesia Hasn't Capacity to Meet OPEC Oil Quota : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

07/13 23:25 Indonesia Hasn't Capacity to Meet OPEC Oil Quota, Agency Says By Lim Le Min, or

Jakarta, July 14 (Bloomberg) -- Indonesia said it isn't yet able to pump the extra 37,000 barrels a day from July 1 allocated it by the Organization of Petroleum Exporting Countries as it's producing at capacity, the Asia Pulse reported, citing Baihaki Hakim, president director of PT Pertamina, Indonesia's state-owned oil company. Indonesia will try to meet the country's new output quota of 1.31 million barrels a day in two months by increasing production from fields in South Sumatra and Kalimantan, Baihaki said. Jakarta will boost security in these areas to ensure oil exploration and production work isn't disrupted, the report said, citing Gatot K. Wiroyudho, Pertamina's director of exploration and production.

OPEC will raise output again, for a third time this year, if crude oil prices stay above $30 a barrel, the group's president Ali Rodriguez has said.

-- Martin Thompson (, July 14, 2000

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