Indonesia is set to rejoin the Organisation of Petroleum Exporting Countries (OPEC) after suspending its full membership for almost seven years.
Jakarta has requested to rejoin the organisation, OPEC said on September 8.
Minister of Energy and Mineral Resources Sudirman Said has been invited to attend the next annual meeting of OPEC on December 4 this year, which will observe a ceremony to reinstate Indonesia’s full membership.
In a press release, the OPEC said it welcomes the re-entry of Indonesia – a country that once made significant contributions to OPEC’s history.
Indonesia’s reactivation of its membership is expected to add more than 3 percent to the group’s oil output.
The Southeast Asian country will be the fourth-smallest producer in the organisation, above Libya, Ecuador and Qatar.
Indonesia joined OPEC in 1962 and was the only Asian member nation for nearly 50 years before leaving the group in September 2009 due to rising oil prices and domestic demand coupled with falling production, which turned the country into a net oil importer.
The return of Indonesia will raise the total number of OPEC member countries to 13.-VNA
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Illustrative image (Source: AFP/VNA)
