Indonesia has unveiled plans to rejoin the Organisation of Petroleum Exporting Countries seven years after it left the cartel, a government official has said.
According to the official Indonesia’s President Joko Widodo agreed to a plan for the country to become a member of OPEC.
“He fully agrees because we need to associate with the market,” the Energy and Mineral Resources Minister Sudirman Said was quoted by Reuters as saying.
“We are one of the biggest buyers, so naturally we should establish relations with producers, not only exporters,” he commented, adding that Widodo also approved his request to attend a two-day meeting with the group on 3rd of June.
To be able to rejoin OPEC Indonesia will have to receive the backing of a majority of three-fourths of full members, including the concurring votes of all founder members, according to the group’s statute.
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