OPEC crude price $126, Indonesia to pull out of cartel

May 28th, 2008 - 6:35 pm ICT by admin  

Vienna, May 28 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries has dropped below $126, OPEC said Wednesday. One barrel (159 litres) of crude from OPEC’s 13-brand reference basket stood at $125.91 Tuesday, down 66 cents from the previous day.

On Wednesday, OPEC’s only south-east Asian member Indonesia announced plans to pull out of the cartel.

Energy minister Purnomo Yusgiantoro cited Indonesia’s slowing oil production which was not sufficient to satisfy the domestic market as the main reason for the decision, media reports said.

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