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Indonesia considers leaving OPEC

Latest update : 2008-05-06

Indonesian president Susilo Bambang Yudhoyono said his country was considering quitting the Organization of the Petroleum Exporting Contries (OPEC). Indonesia is the organisation's only member from the Asia-Pacific region.

The Indonesian government is considering withdrawing from the Organisation of Oil Exporting Countries (OPEC), President Susilo Bambang Yudhoyono was quoted as saying Tuesday.
   
"In our last cabinet meeting we thought about whether to stay or leave OPEC and increase our domestic production," Yudhoyono was quoted by the state Antara news agency as saying.
   
He said Indonesia was producing almost one million barrels of oil per day, or just under the OPEC ceiling for the country, but the development of new wells could boost capacity beyond the ceiling in the next three years.
   
Indonesia is the only Southeast Asian member of the oil cartel but declining production levels have turned it into a net importer.
 

Date created : 2008-05-06

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