MercoPress. South Atlantic News Agency

OPEC suggests US draw on oil reserves

Purnomo Yusgiantoro president of the Vienna based Organization of Petroleum Exporting Countries, OPEC, called on the United State to make use of its strategic reserves to help calm world markets.

"I suggested to the US they liberate their strategic oil reserves", said Mr. Yusgiantoro in Jakarta who revealed that the oil cartel has regular contacts with Washington regarding the world's oil supply.

The Texas light crude reached last Monday a new record of 55,67 US dollars per barrel although pressure eased on Tuesday and price dropped 58 US cents, and even further this Wednesday closing at 52,46 US dollars, almost 5% drop.

Mr. Yusgiantoro's latest remarks, who is also Indonesia's Oil and Energy minister, follow earlier statements saying that world crude distribution was adequate and supply 2,1/2,5 million bpd above demand.

OPEC members are committed to extracting and selling world markets 2 million bpd above their agreed quota of 27 million bpd.

US Department of Energy reported this Wednesday that oil reserves had actually increased 4 million barrels during last week although distilled products such as gas oil and diesel dropped 2,4 million barrels.

The latest report came as a relief for refineries which feared they wouldn't have sufficient gasoline, diesel and gas oil to face the strong winter demand in the US.