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Home / News / Today's Headlines / Indonesia Considers to Quit OPEC

07.05.2008

Indonesia Considers to Quit OPEC

Indonesia is considering withdrawing from OPEC because it is no longer a net exporter of oil, the country's president and oil minister said.

"We are still evaluating whether it is still important for us to be an OPEC member ... or whether we should just quit," President Susilo Bambang Yudhoyono told a meeting of governors and heads of agencies.

Oil minister Purnomo Yusgiantoro added: "We are considering whether to quit as an OPEC member temporarily or remain a member while we increase oil production -- we have to consider the consequences carefully," he said.

Indonesia has seen its crude output fall because of natural decline at aging fields. It missed its 2007 target for oil and condensate output of 950,000 b/d, pumping only 910,000 b/d. The country's crude oil production in April fell 1% from March to 859,853 b/d.

Source: Platts 

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