Indonesia to Pull Out of OPEC as Oil Output Drops

[NickB79]

"Indonesia imports about a third of its oil because of inadequate refining capacity and faces falling output as disputes with Exxon Mobil Corp. delayed field developments and deterred investments. The country's oil output has slumped 49 percent from a peak in 1977 while subsidies to cap domestic diesel and gasoline prices may exceed $13 billion this year."

snip

"OPEC members account for more than 40 percent of the world's oil supply, with output for the 12 members with quota falling 1 percent to 29.74 million barrels a day in April from a month earlier, according to Bloomberg estimates." (bold mine)

Wow, OPEC has been so successful in manipulating the oil market that they're falling apart at the seams!

On edit: forgot the link http://www.bloomberg.com/apps/news?pid=20601087&sid=aq0xZHZq8Sf4&refer=home

[aquart]

1. Link?

[phantom power]

2. "OPIC welcomes their new member, Indonesia"