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? Posted: Thu - May 8, 2008 at 03:20 PM |