[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.