Indonesia revises assumption of oil price for 2007 to 60 U.S. dollars

UPDATED: 15:23, June 25, 2007

Indonesia revised on Monday the assumption of oil price for this year from 63 U.S. dollars per barrel to 60 U.S. dollars per barrel, Mines and Mineral resources Minister Purnomo Yusgiantoro said in Jakarta.

Minister Purnomo told reporters after a cabinet meeting discussed the revisions of the assumptions of state budget for 2007 at the presidential office.

The minister said that when the assumption of 63 U.S. dollars per barrel was made last year, the average oil price in the country was 64 U.S. dollars per barrel.

But, then at the first quarter this year, the oil price decreased sharply.

The revision then would be handed to the parliament for endorsement.

Indonesia, the biggest economy in the Southeast Asia, produces over one million barrels oil per day. But the production has reduced due to the aging of some oil wells.

Source: Xinhua

People's Daily Online ---