Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

Netanyahu's coalition: 'Israel's dark hour'

Read more

BUSINESS DAILY

Small businesses warn of losses over French fuel shortages

Read more

IN THE PAPERS

French strikes: How far will the unions go?

Read more

EYE ON AFRICA

Kenyan army says it has killed 21 al Shabaab fighters

Read more

MEDIAWATCH

What would happen to Bond girls if Bond was a girl?

Read more

THE DEBATE

Google searched: French tax authorities raid US tech giant (part 1)

Read more

THE DEBATE

Google searched: French tax authorities raid US tech giant (part 2)

Read more

FOCUS

Liberia prepares to take full control of its security

Read more

ENCORE!

Film show: Cannes re-cap, 'Elle', 'Mr Gaga' and 'Julieta'

Read more

Indonesia to pull out of OPEC: minister

Latest update : 2008-05-28

The only Southeast Asian member of the oil cartel will be pulling out, since it has become a net oil importer. It might rejoin the group if it can increase production capacity, as planned, according to the country's energy minister.

 
Indonesia will withdraw from the Organisation of Petroleum Exporting Countries as it has become a net oil importer, Energy and Mineral Resources Minister Purnomo Yusgiantoro said Wednesday.
  
"During the budget planning meeting, the president mentioned that we have to withdraw from OPEC and ... when I get back to the office ... I will sign that we withdraw from OPEC," Yusgiantoro said.
  
But he said Indonesia, the only Southeast Asian member of the oil cartel, could rejoin OPEC if production increased in line with an ongoing effort to boost capacity.
  
The decline of Indonesia from a net oil exporter to a net oil importer had prompted the move to leave the group, Yusgiantoro told reporters.
  
"In the case of Indonesia, if we are pulling out from OPEC, then I think in the future ... if our production comes back again to a level that gives us the status of a net oil exporter, then I think we can go back to OPEC," he said.
  
Oil production in the archipelago has been in decline since 1995 with yields dropping in well-established fields, the minister said.
  
The Indonesian government hopes to develop new wells to raise its overall production over the next three years.

Date created : 2008-05-28

COMMENT(S)