You are here

High-cost oil producers should cut output: Indonesia's Opec gov

[JAKARTA] Global oil prices will remain depressed until high-cost crude producers, like US shale drillers, cut their production, Indonesia's OPEC governor told Reuters on Tuesday.

"When the lower-cost producing countries, such as Saudi Arabia, restrain from producing they are actually letting the higher-cost producers to produce. This is against the economic logic," said Widhyawan Prawiraatmadja.

"In that case, we do not support higher-cost producers." He added that Indonesia, which rejoined Opec last week, would not support any Opec policy aimed at increasing global oil prices.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom