OPEC AND OIL PRICES

Indonesia Increases Heavy Crude Prices

Indonesia's Pertamina has announced price increases ranging between 10 and 72 cents/B effective 1 August. It is also reportedly expected that Pertamina will charge a 50-cent/B premium on lighter crudes such as Minas (current official price $17.56/B), without changing the official price which is one of those listed in the OPEC $18/B "basket" and cannot therefore be altered without breaching the OPEC agreement. The new...