Many Opec states ready to increase production

JAKARTA - Many Opec nations are already poised to increase their crude output and can bring extra supplies on line immediately, the organisation's president said yesterday.

By (AFP)

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Published: Fri 13 Aug 2004, 9:45 AM

Last updated: Thu 2 Apr 2015, 11:45 AM

"It is true that there are some countries that need time to increase their production but there are also some countries that can be ready (to boost output) soon, such as Saudi Arabia," Purnomo Yusgiantoro told reporters here. Yusgiantoro was commenting on a recent statement by Venezuela that the oil group would need six months to step up production as Opec considers hiking production quotas to cool the overheated oil market.

The Opec president, who is also Indonesia's energy and mineral resources minister, did not elaborate further.

Venezuelan Energy Minister Rafael Ramirez on Tuesday said the Organisation of Petroleum Exporting Countries had reached its maximum production capacity and had no immediate way to respone to increased oil demands.

His comments did little to ease a market still troubled by lingering concerns over supply disruptions amid looming bankruptcy at Russian energy giant Yukos and continued insurgency threats to Iraq's oil supplies.

OPEC, already overproducing to meet demand, is due to discuss increasing quotas at its next meeting in Vienna on September 14.

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