OPEC leaks oil to contain high prices

OPEC is leaking extra supplies to contain high oil prices and would prefer crude down about $2 a barrel, OPEC President Purnomo Yusgiantoro of Indonesia said on Thursday.

Purnomo, Indonesia’s energy minister, told Reuters that OPEC would prefer prices at $28 a barrel for a basket of crudes, down from more than $30 now. Minister Purnomo said: “We would like to have prices a little bit down, at the top end of the ($22-$28 OPEC target) range. OPEC has contributed what is necessary to produce to stabilise the price.”

The Organisation of the Petroleum Exporting Countries faces a dilemma at a meeting next month when it may need to cut production quotas to counteract a seasonal fall in demand in the second quarter.