Indonesian minister believes world oil demand will decline in 2004

Oct 27, 2003 01:00 AM

Indonesian Energy and Mineral Resources Minister Purnomo Yusgiantoro said the world oil demand is predicted to decline next year, peaking at the second quarter when it will drop by 2 mm bpd.
"Oil demand will drop by 2 mm bpd when the spring season comes next year," he told. In the third and fourth quarters of 2004, the world oil demand is expected to meet an upturn, said Purnomo who will take over presidency of OPEC next year.

He said OPEC members have agreed to cut output by 500,000 bpd by Nov. 1 to anticipate an oversupply of 1.4 mm bpd in world market next year due to increasing supply in Iraq and Russia.
"But we need a commitment by non-OPEC members to help our effort in cutting output," he said.

The cartel will hold a meeting on Dec. 4 to discuss world oil price, Purnomo said.
Indonesia, with an oil output of some 1.1 mm bpd, is the only Southeast Asian country that joins OPEC.

Source: Xinhuanet
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