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Indonesia set to rejoin Opec after 7 years

JAKARTA , May 16, 2015

Indonesia's energy minister said yesterday that President Joko Widodo agreed to a plan for the country to rejoin Opec, seven years after Southeast Asia's biggest crude producer left the oil exporters group.

"He fully agrees because we need to associate with the market," said the Energy and Mineral Resources Minister Sudirman Said.

"We are one of the biggest buyers, so naturally we should establish relations with producers, not only exporters," he stated.

Said revealed that Widodo also approved his request to attend a two-day Opec meeting on June 3.

Opec's statute stipulates, however, that any "country with a substantial net export of crude petroleum, which has fundamentally similar interests to those of member countries, may become a full member of the organisation, if accepted by a majority of three-fourths of full members, including the concurring votes of all founder members."-Reuters




Tags: Oil | Opec | Indonesia |

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