Coming up

Don't miss




'All is Well' for Lisa Simone

Read more


EU questions Apple's tax deals in Ireland

Read more


The Iraqi TV show where victims confront terrorists

Read more


Video: Syrian student risks her life to film IS group stronghold

Read more


Forgotten and fictional sports

Read more


Modi in America: India's Prime minister on triumphant US tour

Read more


Hong Kong protests: Pro-democracy movement gets global support

Read more


China censors Hong Kong protests on social media

Read more


Diane von Fürstenberg, Fashion designer

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