From the strait times webby:-
Opec won't raise output despite high oil prices
BALI (Indonesia) - The Organisation of Petroleum Exporting
Countries (Opec) has no plan to raise output despite record oil
prices, the group's president said on Friday.
'We have no plan to raise production further because the current
rise in oil prices is due to non-fundamental factors,' Opec
president Purnomo Yusgiantoro told reporters on the sidelines of an
oil industry conference in Bali.
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Mr Purnomo, who is also Indonesia's energy minister, predicted oil
prices would fall below US$50 a barrel early next year, saying that
elections in Iraq planned for January are expected to be smooth.
Demand is also expected to ease in the Western Hemisphere during
spring, he added.
Oil prices touched US$53 in New York on Thursday - a new all-time
high - due to tight supply and the perception that output in the
Gulf of Mexico is still hampered by repair work due to Hurricane
Ivan, as well as strikes in Nigeria and Norway.
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We are just too dependant on oil, although currently there is
natural gas from Indonesia, etc. What I feel is we should look for
renewable sources, such as Solar Energy,etc.
We should too invest in ppl into be involve in researching and
developing the next generation of technology that uses this
alternative sources and shift us out of the oil economy.
And I hope that Singapore could be the fore runner in alternative
energy source research and development.
Just my thoughts.
