In a statement the Director-General of the Indonesian Oil Ministry’s Directorate of Oil and Gas Iin Arifin Takhyan said, “The majority of OPEC members have agreed on the new price band proposal of US$27-US34 per barrel and Indonesia also supports this.”
“We feel the price band should be changed to reflect inflation and exchange rates,” he added.
Iin’s statement comes on the back the OPEC decision to mandate a long-term strategy committee to investigate the consequences of raising the band. The committee’s results are due to be presented at the cartel’s next scheduled meeting on 10 December in Cairo.
