Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Is somthing a-brewing in Britain since Scottish referendum?

Read more

DEBATE

Strikes Over Syria

Read more

ENCORE!

30 years of Americana through Jean-Pierre Laffont's lens

Read more

FOCUS

A little bit of Africa in Paris

Read more

AFRICA NEWS

Frenchman kidnapped in Algeria: 'IS'-linked jihadists claim abduction of 55-year-old tourist

Read more

TALKING EUROPE

EU budget deficits: Time to be more flexible?

Read more

TALKING EUROPE

Sir Graham Watson, President of the Alliance of Liberals and Democrats for Europe

Read more

#TECH 24

Anonymous ‘declare cyber war’ on IS militants

Read more

WEB NEWS

Cambodian garment workers demand minimum wage

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)