SOCHI (Sputnik) – Indonesia has no plans to cut its oil production and will propose maintaining the current level of production at the OPEC summit in Geneva in June, Director General of Oil and Gas, Ministry of Energy and Mineral resources of the Republic of Indonesia Wiratmaja Puja told Sputnik on Thursday.
"Our production is less than our consumption, so we are not focusing on cutting our production… But we will support an idea of oil freeze to stabilize oil price,” Puja said on the sidelines of the ASEAN Summit in Sochi.
Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 because of global oil production outpacing global demand.
