• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 53 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 1 hour The Inconvenient Truth Of Electric Cars
  • 2 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 9 hours California and Oil
  • 11 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 2 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 11 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 7 hours The Plastics Problem
  • 1 hour Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 5 hours Hydrogen FTW... Some Day
  • 4 hours Oil Demand Needs to Halve: Equinor
  • 1 hour Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 2 hours Wonders of Shale - Gas, bringing investments and jobs to the US
Alt Text

OPEC’s No.2 Steps In To Replace Lost Iranian Oil

Iraq, OPEC’s no.2 oil producer…

Alt Text

BP: Petrochemicals Drive U.S. Oil Demand Boom

The United States saw its…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Indonesia May Return To OPEC But Won’t Cut Production

Indonesia is open to rejoining OPEC, but only if it can determine its own production levels, the country’s Energy and Mineral Resources Minister Ignasius Jonan told Reuters in an interview.

“We would have to have a concession for not following cuts from time to time, Jonan said.

Indonesia, which produces some 800,000 bpd, left OPEC last November, right after OPEC agreed to curb production to prop up international prices. That happened less than a year after the cartel’s only East Asian member rejoined its ranks.

Per the agreement, OPEC had asked Indonesia to cut 37,000 bpd from its daily output, which, Jonan said at the time, the country would not do. What he agreed to was a 5,000-bpd cut that was stipulated in the 2017 budget.

Indonesia is a net importer of crude oil, and a massive one: it imports twice what it produces, as local fields near depletion and demand grows. Current prices are comfortable for net importers, and Indonesia is no exception, especially in the context of an investment program announced earlier this year that should boost its local production.

The US$200-billion investment plan was announced in late April and will involve tendering 14 untapped oil and gas blocks in hopes that foreign players will show an interest in developing them. To sweeten the offer, Jakarta has offered potential bidders tax-free imports of equipment and technology. Related: Electric Car Industry Faces A Looming Supply Shortage

The energy minister’s current visit to the U.S. is part of an international tour aimed at promoting the program to investors including Exxon, Chevron, and ConocoPhillips.

At the same time, the state-owned energy major, Pertamina, is expanding its international presence, with a focus on Iran and Russia. The company is already present in Algeria, Iraq, Tanzania, and Nigeria. Its international oil and condensate production capacity is 150,000 boepd, while domestic production is around 308,000 bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News