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Photo: Paal A. Svendsen
With Eye On Oil Oversupply, OPEC Mulls Next Move
May 12, 2005
Fickle crude oil prices are forcing the Organization of Petroleum Exporting Countries to keep its options on production policy open ahead of a meeting next month, although the group appears to be increasingly voicing its concerns about oversupply.
"We have not yet decided (on policy)," Purnomo Yusgiantoro, Indonesia's Minister of Energy and Mineral Resources said Thursday. "But there is an overproduction." "As long as the oil price is still high, we'll try to do the best we can. But as we always say, this high oil price is not because of OPEC," Purnomo said on the sidelines of an industry conference in Singapore. He attributed the market's strength partly to "political and psychological effects." Other OPEC officials have also alluded to an excess in oil supply in the past week. "OPEC is (already) at its highest production in history," Qatari Oil Minister Abdullah bin Hamad Al Attiyah said Monday.