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2016-12-01 18:30:00

INDONESIA LEAVES OPEC

INDONESIA LEAVES OPEC

According to REUTERS, Indonesia has suspended its membership of the Organization of Petroleum Exporting Countries (OPEC), less than a year after rejoining the cartel, as the net oil importer said it could not agree to the group's production cuts.

The decision came as the cartel agreed its first oil output cut since 2008 in a bid to tackle overcapacity and prop up prices.

The suspension could be a setback for Indonesia, OPEC's only East Asian member, which had hoped to benefit from…

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Tags: INDONESIA, OPEC, OIL, PRODUCTION
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