OPEC STICKING FIRM ON OFFICIAL PRICES - SUBROTO
OPEC countries are all sticking firmly to
official crude oil prices but the volatility of spot prices is
likely to continue into the third quarter, Indonesian Minister
of Mines and Energy Subroto told Reuters.
    Subroto, attending a Pacific Energy Cooperation conference,
blamed recent rapid spot price changes on unbalanced supply and
demand. "If we stick to the production limitation, the third
quarter will be in better balance."
    He said the market is in a period of transition while the
impact of OPEC's December agreement to cut output and fix
prices at an average 18 dlrs a barrel is worked through.
    Asked whether OPEC members of the Gulf Cooperation Council
(GCC) had any concrete proposals to help Qatar sell its crude
oil in the face of strong resistance to its official prices,
Subroto said: "Apparently they have taken care of that."
    "They (the GCC) meet very often among themselves. I think
they'll help each other," he said.
    Subroto said that as he was not a member of OPEC's Price
Differentials Committee he did not know why the meeting had
been postponed from its scheduled April 2 date.
    "Maybe they find it is better not to have the meeting
because ... Everyone is sticking to official prices," he said.
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