Surplus oil drives world prices down

Nigel Wilson, Energy writer
September 08, 2004

WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.

Speaking in Sydney yesterday, he said OPEC’s forecasts showed the world market had enough oil and production capability was 1.5 million barrels above demand.

The Australian