OPEC president says organization producing more than its quota 2

US$34 per barrel from the
current US$22-US$28 range, due to inflation and the U.S.
dollar's depreciation. The current price band was set in
2000.
Asked if there is a chance that OPEC will cut production
in the wake of recent price falls, Purnomo said it will
look at the supply and demand situation at the Vienna
meeting.
"Demand from China, India and the U.S. is still strong,"
he said.
Asked whether the oil price is hurting global economic
growth, Purnomo said a US$45-US$50 price range is "still
OK."