RI yet to take stance on oil price development

Indonesia has not yet decided whether to propose an increase or reduction in world oil supply at the upcoming June 21 OPEC meeting in Wina although the current price of the commodity has surged to around US$30 per barrel, according to Minister of Mines and Energy Susilo B. Yudhoyono.

Susilo said on Tuesday that the higher oil price had only occurred during the past 10 days.

He said that at the last OPEC meeting, the oil cartel organization decided that it would only raise oil supply by 500,000 barrel per day if the oil price soared beyond the $28 per barrel for 20 consecutive days.

He said that an opposite measure would be taken if the oil price dropped to below the $28 per barrel level in 20 consecutive days.

"So Indonesia will not be in hurry to make a proposal," Susilo told reporters on the sidelines of a seminar. (*)