JAKARTA, 02 June 2004 - Indonesia wants OPEC to significantly increase official production limits to cool high oil prices, the country's mines and energy minister and cartel president, Purnomo Yusgiantoro, said on Tuesday. "Indonesia's position at the next OPEC meeting is that OPEC should increase the production ceiling to stabilise prices...The important thing is the increase should be a significant volume that can reduce prices," Purnomo told Reuters.
OPEC ministers will meet in Beirut on Thursday to discuss output. Purnomo said he would leave for the meeting on Tuesday. "I don't know how much of an increase (Indonesia would want). We will watch developments," Purnomo added. U.S. oil prices surged more than two percent to push above $40 a barrel on Tuesday after a weekend attack on Saudi Arabia, which left 22 people dead. The attack did not interrupt oil flows from the world's biggest exporter.
The Organisation of Petroleum Exporting Countries is already pumping more than two million bpd above the existing formal ceiling of 23.5 million bpd.

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