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OPEC Committed to Stabilizing Oil Prices
The Organization of Petroleum Exporting Countries (OPEC) is committed to stabilizing oil prices if they soar in the wake of the recent terror attacks on the United States, an Indonesian minister said Monday.
"All members of OPEC are ready to conduct price stabilization by increasing crude oil production, if prices go up," Indonesian Energy and Mineral Resources Minister Purnomo Yusgiantoro said.
Yusgiantoro said that OPEC will act if prices rise above the group's target range.
"So far, the prices wanted by OPEC stands around 22-28 dollars per barrel," Yusgiantoro said.
On Wednesday, OPEC president Shakib Khelil of Algeria said the cartel would seek to guarantee a stable oil market and meet demand in the wake of the attacks.
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