MercoPress. South Atlantic News Agency

OPEC will keep reference prices unchanged.

The Organization of Petroleum Exporting Countries, OPEC, will maintain the oil prices reference band unchanged in the coming meeting scheduled for September 15 in Vienna, said Purnomo Yusgiantoro, OPEC's president.

However it's known that OPEC members Venezuela, Libya, Iran and Nigeria favor raising the reference prices basket which currently stands at 22 and 28 US dollars per barrel. Saudi Arabia the world's largest producer insists in keeping the current basket and Qatar would like it to stand between 25 and 30 US dollars per barrel.

For several weeks now following the uncertainty of market supply and increasing demand, the prices reference has been above 28 US dollars per barrel. Further on Mr. Yusgiantoro forecasted that oil prices will begin to drop steadily in the next two months as supply uncertainties disappear and the United States presidential election is over without surprises.

"OPEC data indicates that future contracts for September and October suggest a tendency towards lower prices, which is encouraging good news", added Mr. Yusgiantoro who is also Indonesia's Energy minister.

"We believe once the US presidential election is over and the Yuko's dispute involving Russia's main oil company is concluded, prices will begin dropping".