According to Purnomo, “Current high oil prices [are] not being caused by any lack of crude on world markets. Present high prices are not being caused by a shortage of crude.”

Speaking at a conference in Paris, Purnomo defended OPEC’s recent actions and reiterated the cartel would continue to stand by its stated price target of between US$22-US$28. Earlier media reports had quoted Purnomo as stating he was considering increasing the price target to beyond the US$30/bbl mark.

According to Purnomo, “OPEC has demonstrated repeatedly its commitment to achieving order and stability in the international oil market."

"Our production policies seek to ensure that the market is well-supplied with crude at all times and that oil prices remain at levels that meet the contrasting needs or producers and consumers. The limits of our oil price band, US$22-US$28/bbl for our reference basket, have been carefully calculated with this in mind.”