Indonesia to pull out of OPEC: 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.
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.

Asia Times