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Article: OPEC DENIES ITS PRODUCTION CUT INCREASED OIL PRICE.
- Article from:
- ANT - LKBN ANTARA (Indonesia)
- Article date:
- February 13, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jakarta, Feb 11 (ANTARA) - The Organization of Petroleum Exporting Countries (OPEC) denied allegations that the current high crude oil price was due to the organization's move to cut production, its President Purnomo Yusgiantoro said. Purnomo said in a press release obtained here, Thursday, that the high crude oil price was caused by among others low stock in the United States, speculation over the commodity's price in international market, and increased tension in some regions. "The current high price was not due to low supply of oil," Purnomo who is also served as OPEC's secretary general said. Another factor which determined crude oil price is projection of ...