The Azerbaijan State News Agency

ECONOMY

0PEC AGAIN WILL SAVE THE WORLD

23.07.2004 [19:04]
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OPEC’s President Purnomo Yusgiantoro said the cartel will try to keep crude prices from rising.

He said OPEC members are investing to boost their production capacity to help stabilize a turbulent oil market.

OPEC is already pumping 2 million bpd above its output target of 25.5 million barrels, Yusgiantoro told a news conference at OPEC's headquarters in Vienna.

September contracts of U.S. light crude climbed 78 cents to $41.36 a barrel Thursday on the New York Mercantile Exchange.

To help calm a nervous and sensitive market, OPEC members are investing in their oil fields and facilities to add between 2.5 million and 3.5 million barrels of daily production capacity by the end of 2005.