Indonesia to pull out from OPEC: minister

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

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

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"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.