Caltex to maintain current production level

PT Caltex Pacific Indonesia (CPI) will maintain its production level of about 740,000 barrel per day (bpd) despite an increase in the country's oil production quota, The Jakarta Post reported on Monday.

Caltex senior executive Djati Susetya said over the weekend that the oil giant could not benefit from the increase in Indonesia's oil production quota the rise in the production would require the company to increase its payment.

The Organization of Petroleum Exporting Countries (OPEC) agreed recently to increase their production by 1.42 million bpd to 21.06 million beginning this month in a bid to stabilize prices.

Indonesia, under the agreement, is required to increase its production to 1.28 million bpd from 1.18 million bpd. (*)