Panel recommends Indonesia leave Opec

JAKARTA – A government panel has proposed that Indonesia cease being a member of the Opec oil cartel and become an observer because of the financial costs of membership, a document obtained by Reuters on Tuesday showed.
Indonesia, Asia-Pacific’s only Opec member, is unable to meet its assigned Opec supply quota and last year become a net oil importer due to production problems at ageing wells and a lack of fresh funds for investments.
The panel of senior oil and other government officials, appointed in February, examined three proposals: remain an Opec member, quit the group, or change its status to that of observer, the document showed.
“Considering the above, it can be recommended that if possible (Indonesia) take the third alternative, which is to remain a member but seek an observer status, so freeing us from the obligation to pay contributions,” said the document.

Reuters via nzherald.co.nz