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Indonesia to pull out from OPEC: minister

The Indonesian government will withdraw from the Organisation of Petroleum Exporting Countries (OPEC), a minister said.

business Updated: May 28, 2008 13:58 IST

The Indonesian government will withdraw from the Organisation of Petroleum Exporting Countries (OPEC), Energy and Mineral Resources Minister Purnomo Yusgiantoro said on Wednesday.

"During the budget planning meeting, the president mentioned that we have to withdraw from OPEC and ... when I get back to the office ... I would sign that we withdraw from OPEC," Yusgiantoro said.

Indonesia is the only Southeast Asian member of the oil cartel but declining production levels have turned it into a net importer.