Indonesia is set to return to the Organisation of the Petroleum Exporting Countries (OPEC), after it left almost seven years ago.
The South East Asian nation left OPEC officially on 1st January 2009 after being no longer able to export crude oil. With Indonesia’s archaic oil and gas industry creaking, the nation moved from one of the world’s largest net oil exporters to a net importer.
Indonesia’s domestic energy consumption grew by as much as 44% in the ten years from 2002 to 2012. This promoted Indonesia’s government to formally leave OPEC, saving face before it was pushed.
However, over the last few years, Indonesia has managed to turn itself around, with some estimates, putting Indonesia rapidly approaching 10th spot in a list of biggest oil producing nations.
The nations is also recognised as the world’s forth largest exporter of LNG.
Indonesia has now officially approached OPEC to ask for reentry to the oil producers cartel, with OPEC claiming it was approached back in june, where a formal request was made by Indonesia to rejoin the organisation.
OPEC have said that all OPEC member nations have since been notified of the request, and that Indonesia’s Minister of Energy and Mineral Resources, His Excellency Sudirman Said, ‘will now be invited to attend the next regular Meeting of the OPEC Conference on December 4, 2015.’
OPEC have stated that their next conference will include all formalities of ‘reactivating Indonesia’s membership of the Organization.’