Indonesia Says It Is Pulling Out of OPEC
(The Canadian Press)
Minister of Energy and Mineral Resources Purnomo Yusgiantoro said Wednesday it no longer makes sense for his country to be a member of the 13-nation Organization of Petroleum Exporting Countries.
He says Indonesia is `pulling out of OPEC' after its membership expires in 2008 because it consumes more oil than it exports.
Indonesia is Southeast Asia's only member of the grouping.
But it has had to import oil because of decades of declining investment in exploration and extraction due to corruption and a weak legal system, which make oil companies wary of doing business in the country.
Canadian SME International Trade and Marketing - writings upon readings and continued curiousity in the realms of cross cultural business. Some of my opinions are not my own, but I would fancy to say nearly all of them should be credited to the various authors. Deming disciple. I stubbornly persist.
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