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According to Purnomo, “OPEC still has a commitment to raise its quota by 500,000 barrels a day beginning in August.”
The official also confirmed the OPEC meeting in Vienna, slated for 21 July, will be used to discuss the cartel’s price band. Currently the band is at US$22-US$28 per barrels but speculation is rife the cartel intendeds to raise the band to US$25-US$32.
Purnomo was non-committal on the matter, stating “OPEC is still waiting for a report from its long-term strategy team which will report to the members on its findings” without elaborating further.
