• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 41 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 30 mins NordStream2
  • 6 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 14 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 4 days The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 23 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 4 days Storage of gas cylinders
  • 4 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

This Country Wants To Rejoin OPEC As Soon As Possible

Who ever said there wouldn’t be any news coming out of the OPEC meeting in Vienna this week?

In a surprise announcement, Indonesia has decided to officially pursue full membership in the oil cartel. Indonesia is no stranger to OPEC. It used to be a member, but left six years ago. Now it hopes to rejoin by the time the group meets again in November 2015. Related: This Dutch Innovation May Solve The Energy Storage Problem

The move is a curious one considering Indonesia is not a net oil exporter. It consumes around 1.5 million barrels per day and only produces 800,000 barrels per day. Indonesia has insisted on becoming a full member despite the fact that full membership typically requires being a net exporter. It originally suspended its membership in the cartel in 2008 once its imports started to quickly surpass its level of exports.

There are currently only 12 members of OPEC. Indonesia once was the only Asian country in OPEC and would be again if it rejoins. Related: Forget The Noise: Oil Prices Won’t Crash Again

Meanwhile, Indonesia is seeking supply agreements with OPEC members in order to import oil. Indonesia has a fast growing economy and is continuously searching for more sources of supply. “We will discuss purchasing crude from them. We have a plan to build refineries, so we need crude supplies,” Wiratmaja Puja, a top official at Indonesia's Energy Ministry, said to Reuters in an interview. That would be crucial for a country that is desperate to increase its domestic production of refined products.

For years Indonesia has heavily subsidized the consumption of fuel, and removing the subsidies has been tricky as it would raise the ire of consumers. But the collapse in oil prices allowed the government to pare back some of the largesse. Still, demand for fuel remains strong and Indonesia’s refining sector has not been able to keep up. That has the government laying out plans to build four major refineries over the next decade, and it is holding bilateral meetings with OPEC member nations this week in order to attract investment and secure supply contracts. Related: Cold Shoulder For Russia Could Hint At OPEC Decision June 5th

The Secretary-General and OPEC governors will consider Indonesia’s application for membership.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News