Indonesia to rejoin OPEC

Indonesia to rejoin OPEC

Indonesia said it’s preparing to rejoin OPEC, Reuters reported.

The country left the cartel seven years ago after the country ceased to be a net exporter of oil and gas. The official membership requirements outlined by OPEC say that any country must be a “substantial net export of crude petroleum” to be considered.

While not a net exporter, Indonesia has increased its production in recent years.

“Indonesia has contributed much to OPEC’s history. We welcome its return to the Organization,” stated the group in a press release.

Official reports say that the Asian country’s full membership will be concluded at its regularly-scheduled December meeting.

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