Despite already pumping two million barrels a day above its output target of 25.5 million barrels, OPEC said members will develop 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.
In the short term OPEC members would add between one million and 1.5 million barrels to their current spare capacity by the end of next year, for a new aggregate surplus of between 2.5 million and 3.5 million barrels. This new surplus would equal at least 10% of OPEC's current production ceiling.
"We in OPEC accept that this is a challenging time in the oil market, with an unusually powerful combination of forces that are currently dominating the market activities and adversely affecting its equilibrium," Purnomo said.
”OPEC is committed to do everything we can to restore prices to reasonable levels that are acceptable to producers and consumers alike - and to keep them there."
