Recently, OPEC adopted Indonesia into its ranks, such a choice has surprised many, because this country consumes twice as much oil than it produces. In early December Indonesia will officially receive a place in OPEC after nearly seven years of freezing its membership. According to the promises of Indonesia, it is the only Asian country and will be aimed at this market, which has the greatest demand in regions. But it is unlikely the current oil imports by 13 billion dollars a year will allow Indonesia to become a new exporter in the cartel.
According to OPEC, Indonesia will act as an intermediary between producers and consumers, but many doubt the logic of this statement. For what let the country, which benefit low oil prices into the group, which was established to support the high prices on the market? The international conglomerate Citigroup believes that OPEC with help of such actions wants to abandon the defensive strategy after last year decisions. We remind that last year's strategy was aimed at maintaining its market segment from the global oil market glut. Over the past seven years, this is the first concrete action by OPEC, which will be discussed in December.
Sudirman Said, Indonesian Minister of Energy, said that his country's return to the cartel - is a mutually beneficial solution. "Indonesia - is a country that consumes and produces oil, it is an ideal bridge between the two sides of oil market. After the adoption of Indonesia in its membership, OPEC may correct the target production volumes. Over the past four years these volumes remained at 30 million barrels a day. From anonymous sources it became known that the cartel is considering an increasing to 31 million barrels a day, to make place for the Indonesian share.