OPEC 'consensus' to keep output

Business Materials 22 December 2009 14:47 (UTC +04:00)

OPEC's secretary general says there is a consensus among members of the oil-producing organization not to adjust its production targets when it meets tomorrow.

OPEC Secretary General Abdalla Salem el-Badri also says any potential change in 2010 is "not on our radar" for now, AP reported.

When asked about Tuesday's meeting, el-Badri told reporters "There is a consensus that there is no change."

The 12-member Organization of the Petroleum Exporting Countries is meeting in the Angolan capital, Luanda. Several member countries have said the group doesn't plan to change oil production targets that were put in place a year ago.

Kuwaiti Oil Minister Sheikh Ahmad Abdullah Al Sabah and Iranian Oil Minister Masoud Mirkazemi will not be attending the meeting.

The delegations from each country will instead be represented by their OPEC governors, delegates said as they arrived in the Angolan capital.

------------Indonesia may rejoin OPEC

Indonesia could rejoin the Organization of the Petroleum Exporting Countries if its oil production were to exceed consumption again, Dow Jones quoted Evita Legowo, director general of oil and gas at the Energy and Mineral Resources Ministry of Indonesia on Sunday.

The country so far this year has been producing an average of 960,000 barrels of crude a day, which it hopes to increase to 965,000 barrels a day next year, Legowo told Dow Jones.

Indonesia, which withdrew from OPEC in January amid declining output from its aging fields, is in Luanda as an observer for OPEC's meeting on Tuesday.

Indonesia produced 978,000 barrels a day of crude oil a day in 2008, down from a peak of 1.6 million barrels a day in 1995.

The country's government has a target to boost oil output to 1.1 million barrels a day by 2015 as some smaller discoveries will come on stream, Legowo said. There haven't been any large oil discoveries in Indonesia lately.

Indonesia wants to reign in its oil consumption by bringing the use of biofuels in its energy mix to 5 percent in 2025, the use of geothermal energy to also 5 percent, and the use of other renewable energies to another 5 percent, she added.