Indonesia to export oil in five years: report
Indonesia is hoping to be an oil exporter again in five years, the vice president reportedly said Thursday after Jakarta announced it was quitting the Organisation of Petroleum Exporting Countries.
By Agencies |
JAKARTA: Indonesia is hoping to be an oil exporter again in five years, the vice president reportedly said Thursday after Jakarta announced it was quitting the Organisation of Petroleum Exporting Countries.
"Our target is that in five years we can be an exporter again given that our oil fields have been explored efficiently and we are saving energy domestically," Vice President Jusuf Kalla was quoted as saying by Antara news agency.
"OPEC is a country of oil exporters, later if we start exporting we can join again," he said.
Indonesia announced on Wednesday that it would not renew its OPEC membership when it expires later this year, as the country had become a net importer due to years of declining investment in ageing fields.
The cost of sustaining massive fuel subsidies in the face of record oil prices forced the Indonesian government last week to hike the retail fuel price by some 30 percent.
The move has sparked widespread protests and piled pressure on the government ahead of elections next year.
Some Indonesian officials have blamed OPEC for not doing enough to boost supply to ease upward pressure on oil markets.
"Our target is that in five years we can be an exporter again given that our oil fields have been explored efficiently and we are saving energy domestically," Vice President Jusuf Kalla was quoted as saying by Antara news agency.
"OPEC is a country of oil exporters, later if we start exporting we can join again," he said.
Indonesia announced on Wednesday that it would not renew its OPEC membership when it expires later this year, as the country had become a net importer due to years of declining investment in ageing fields.
The cost of sustaining massive fuel subsidies in the face of record oil prices forced the Indonesian government last week to hike the retail fuel price by some 30 percent.
The move has sparked widespread protests and piled pressure on the government ahead of elections next year.
ADVERTISEMENT
Some Indonesian officials have blamed OPEC for not doing enough to boost supply to ease upward pressure on oil markets.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
