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To: Taikun who wrote (49465)	5/5/2004 1:35:24 AM
From: BubbaFred	Respond to of 74559

OPEC Overproducing, Cartel President Says Tuesday May 4, 11:06 pm ET JAKARTA (Reuters) - OPEC (News - Websites) President Purnomo Yusgiantoro said on Wednesday the oil producers' cartel was currently producing 1.5 million barrels per day (bpd) more than its official output limit and there was enough fuel in the market. ADVERTISEMENT Asked by reporters if there was any possibility OPEC would raise its official production limit at a meeting in Beirut on June 3 as world oil prices hit more than 13-year highs, he said: "I am in communication with the OPEC Secretariat and (we are) still studying the development. "We have to see what's the reason behind (the high prices). We have a leakage at 1.5 million bpd above official quota. We assure the market that there is enough oil." When asked why OPEC had not raised the official output quota to match that of actual production, Purnomo, who is also Indonesian oil minister said: "At the moment, with the leakage at 1.5 million bpd, that means we are already producing more than the quota. This is not a problem (for OPEC) because the price now continues to be high." Purnomo said that while OPEC had implemented an April 1 decision to cut its official limit by one million bpd to 23.5 million bpd, it had also continued to put in place a "leakage of 1.5 million bpd." biz.yahoo.com