OPEC asks US to use more oil reserves to cool price

Oct 27, 2004 02:00 AM

OPEC wants the United States to dip further into its strategic petroleum reserve to help reduce world oil prices, the cartel's president said.
"We have asked them (the United States) to use their oil reserves to help cool down the prices," OPEC President Purnomo Yusgiantoro, who is also Indonesia's mines and energy minister, told.

He said the Organization of Petroleum Exporting Countries would discuss the issue further with the United States. He did not say whether the United States had responded to the request.
The United States has just under 300 mm barrels of crude in its emergency stockpile, and Washington's move earlier to loan out 4,2 mm barrels of it had no noticeable impact on prices. Purnomo also has asked OPEC members to increase production "to give a signal to the market that we aren't short of supply."

Light, sweet crude for December delivery hit a record high of $ 55,67 (N$ 351) a barrel the New York Mercantile Exchange on supply concerns ahead of winter in the US and continued healthy oil demand from China.
Unrest in key oil producing countries has also fuelled the rise in crude prices in recent months, which is underlined by limited excess capacity. It hovers about 1 % above the world's daily consumption of 82,4 mm bpd, leaving little wiggle room if there is a production outage.

Source: AP
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