Business briefs

OPEC exceeds quota
Nanjing Night Net

[BB] JAKARTA – OPEC is producing 28.5 million barrels of oil a day, exceeding its quota by 1. 5 million a day, the cartel’s president said yesterday.

“We have oversupply (amounting to) 1.5 million barrels per day. Currently total output stands at 28.5 million barrel per day,” Purnomo Yusgiantoro said, predicting that demand for oil would decrease in the second quarter of 2005.

Car makers lifting

MELBOURNE – Australia’s new motor vehicle production has moved from a rustbelt industry to a dynamic one over the past 20 years, Ford Australia president Tom Gorman said at Committee for the Economic Development of Australia luncheon yesterday.

He said new vehicle production in Australia was on track to achieve its third consecutive record with 950,000 units expected in 2004 – 40,000 more than last year.

Dollar takes a dive

SYDNEY – The Australian dollar slumped more than one US cent yesterday as a resurgence in the US dollar and soft local data dragged it down.

At 5pm, the local unit was trading at US77.60/63c compared with US78.70/75c at Monday’s close.

It reached a high of US78.36c before dropping to a low of US77.41c just after the release of weak retail and building approvals figures.

Virgin numbers up

BRISBANE – Virgin Blue Holdings Ltd yesterday reported passenger numbers were up 29 per cent in October compared to the same month last year.

The discount carrier’s preliminary operating statistics for October found Virgin Blue carried 1,166,757 passengers in October compared to 904,532 last year.

It also found traffic, measured by revenue passenger kilometres, increased by 32.5 per cent in the same period.

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