RI oil output quota increases by 93,000 bpd
Thursday, March 30 2000 - 04:00 AM WIB
Indonesia's oil output will be increased by 93,000 bpd as part of a rise in the oil production quota of the members of the Organization of Petroleum Producing Countries (OPEC) by 1.45 million barrels per day.
Under the new production agreement, Indonesia will produce 1.28 million bpd beginning April as compared to 1.187 bpd at present.
OPEC members agreed in Vienna on Wednesday to increase the oil production quota by 1.45 million bpd to 24.6 million bpd in amid pressure from developed countries for the need of raising oil production to curb the rise in oil prices in the world market.
The secretary general of the oil cartel did not mention how long the new production agreement would take affect but it is certain that the new agreement will be reviewed again during the organization's meeting in Vienna, on June 21, this year. (*)