OPEC chief: Oil prices to drop in 2005
(Agencies)
Updated: 2004-11-25 12:57

OPEC President Purnomo Yusgiantoro said on Thursday that lower demand would push down oil prices in the second quarter next year.

Logo of the intergovernmental organization dedicated to the stability and prosperity of petroleum, OPEC (Organization of Petroleum Exporting Countries) at the cartel's headquarters in Vienna. OPEC said it was too early to tell if a recent fall in oil rates signalled that prices had peaked. [AFP]

"What I do believe, in the second quarter of 2005, demand will start to drop. This will also impact on oil prices. To me, oil prices will start to drop sometime in the second quarter of 2005," said Purnomo during a Japan Energy Roundtable in Jakarta.

"The current (high) oil price is because of non-fundamental matters," he said

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