Opec Opens Its Arms To A Net Importer

Indonesia will be formally welcomed back into Opec on 1 January, having suspended its membership in 2009. Crude production is currently around 800,000 b/d, but with domestic consumption at 1.6mn b/d according to BP figures in 2014, it is a net importer of around 800,000 b/d.

Plans for the Banyu Urip field to reach peak production of 165,000 b/d in November have yet to be realized. Even with this project, the IEA’s Medium Term Oil Market Report from February shows production peaking at 850,000 b/d in 2016, before resuming its downwards trajectory, falling to 720,000 b/d in 2020, ensuring Indonesia’s continued dependence on foreign imports. (CONTINUED - 199 WORDS)