Indonesia May Quit OPEC--

Indonesia May Quit OPEC

2008-05-06 14:35:35 [ Big Normal Small ] 　Comment

Indonesia is considering quitting its membership in the Organization of Petroleum Exporting Countries (OPEC) on grounds that it is no longer a major oil exporter, President Susilo Bambang Yudhoyono said Tuesday.

"Indonesia is no longer a net oil exporter. In fact we now import fuel products in considerable amount," he said in a gathering with governors and regency heads here.

"During the cabinet meeting yesterday (Monday), we were discussing whether we would stay in OPEC or quit membership while struggling to boost oil production until we become a worthy OPEC member again."

Indonesia's oil production is governed by OPEC with a quota of 1.3 million barrels per day.

But the country has failed to meet the quota for about the last five years as oil output kept declining, now standing at 927,000 barrels per day.

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