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OPEC Likely to Set New Price Band
OPEC President Purnomo Yusgiantoro

Vienna (WAM) — OPEC is likely to adopt a new price band to replace its current one which stands at 22 to 28 dollars, according to sources here. Virtually all the ministers of the 11-member Organisation of Petroleum Exporting Countries who arrived here Sept.14 for a two-day meeting underlined the need for a possible change in price band , saying that the current band had been practically surpassed as indicated by a sustained surge in oil prices.

"The current price band has been in place since the year 2000. But this did not prevent OPEC from surpassing the band several times throughout this year. Therefore, there is a need to officialize this status quo and adopt a new price band," said a number of ministers.

OPEC President Purnomo Yusgiantoro has recently suggested the band could be shifted to 26-34 dollars, in order to set OPEC's recommended price for a barrel of oil at 30 dollars. Most of the minister's seem to favour the recommended price of 30 dollars but they expressed the hope that the band change be adopted at the end of the upcoming meeting.

"What is important at this point in time is to adopt a new price band. It does not matter when the decision is going to be implemented," said Obaid bin Saif Al Nasseri, UAE Minister of Petroleum and Mineral Resources.

The meeting is also expected to discuss the production ceiling, with most ministers favouring the current ceiling of 26 million barrels per a day.

Al Nasseri however pointed out that current quota system should be maintained.

Vienna (WAM)—OPEC is likely to adopt a new price band to replace its current one which stands at 22 to 28 dollars, according to sources here.

Virtually all the ministers of the 11-member Organisation of Petroleum Exporting Countries who arrived here Sept.14 for a two-day meeting underlined the need for a possible change in price band , saying that the current band had been practically surpassed as indicated by a sustained surge in oil prices.

"The current price band has been in place since the year 2000. But this did not prevent OPEC from surpassing the band several times throughout this year. Therefore, there is a need to officialize this status quo and adopt a new price band," said a number of ministers.

OPEC President Purnomo Yusgiantoro has recently suggested the band could be shifted to 26-34 dollars, in order to set OPEC's recommended price for a barrel of oil at 30 dollars. Most of the minister's seem to favour the recommended price of 30 dollars but they expressed the hope that the band change be adopted at the end of the upcoming meeting.

"What is important at this point in time is to adopt a new price band. It does not matter when the decision is going to be implemented," said Obaid bin Saif Al Nasseri, UAE Minister of Petroleum and Mineral Resources.

The meeting is also expected to discuss the production ceiling, with most ministers favouring the current ceiling of 26 million barrels per a day.

Al Nasseri however pointed out that current quota system should be maintained.




 

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