Indonesia will pull out of OPEC; it no longer exports oil |
| USA Today - May 28, 2008 |
Indonesia is leaving the Organization of Petroleum Exporting Countries because declining production and investment have made it difficult to meet its own needs, the energy minister said Wednesday.
Purnomo Yusgiantoro told reporters it no longer makes sense for Indonesia, the only Southeast Asian member of OPEC, to stay in the cartel.
"Even though we are sometimes a net importer and sometimes a net exporter, we are a consuming country," he said. "Indonesia is pulling out of OPEC."
Indonesia is the region's largest oil producer, but the nation of 235 million people has had to import for years because of aging wells and disappointing exploration efforts. A weak legal system and red tape has scared foreign investors away, even as domestic oil consumption rises.
Read Full Article from USA Today
- Posted: 2008-05-28 08:52:50
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