Friday, May 30, 2008

Indonesia Says It Is Pulling Out of OPEC

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.

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