Metrootvnews.com, Jakarta: Indonesia has decided to suspend its membership in the Organization of the Petroleum Exporting Countries (OPEC) during the 171st Meeting of the OPEC Conference in Vienna, Austria on Wednesday, November 30, 2016.
OPEC agreed to cut down oil production by 1.2 million barrels per day during the ministerial meeting.
The organization requested Indonesia to reduce its oil production by around 37 thousand barrels per day.
"The need for state revenue remains big," Energy and Mineral Resources Minister Ignasius Jonan said in a written statement.
Jonan added the move will harm Indonesia as a net oil importer. Lower supplies will increase global oil prices.
Indonesia joined the international oil cartel in 1962. The country rejoined the organization in January 2016.
Cek Berita dan Artikel yang lain di Google News
FOLLOW US
Ikuti media sosial medcom.id dan dapatkan berbagai keuntungan
