Indonesia may quit OPEC: President

May 6th, 2008 - 1:05 pm ICT by admin  

Jakarta, May 6 (Xinhua) Indonesia is considering quitting the Organisation 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 at a gathering with governors here.

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

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 has been declining, now standing at 927,000 barrels per day.

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