Running out of oil to export, Indonesia is ready to leave OPEC.
Overdue.
President Susilo Bambang Yudhoyono of Indonesia said
Tuesday that his country was considering quitting OPEC because it was no longer
a net oil exporter.
“Our wells are drying,” he said in a nationally televised speech, adding that the country needed to concentrate on increasing domestic production, which has dropped to less than a million barrels a day even as consumption rises.
Indonesian oil output has declined steadily from the 1.5 million to 1.6 million barrels produced a day in the mid-1990s. It produced around 860,000 barrels a day of crude oil last month and recorded a deficit of $794 million in its oil trade accounts.
How many governments are run by politicians who don’t comprehend the economics of finite resources?
“Our wells are drying,” he said in a nationally televised speech, adding that the country needed to concentrate on increasing domestic production, which has dropped to less than a million barrels a day even as consumption rises.
Indonesian oil output has declined steadily from the 1.5 million to 1.6 million barrels produced a day in the mid-1990s. It produced around 860,000 barrels a day of crude oil last month and recorded a deficit of $794 million in its oil trade accounts.
How many governments are run by politicians who don’t comprehend the economics of finite resources?
Posted: Thu - May 8, 2008 at 03:20 PM