The move comes after oil production in
Indonesia has dropped to less than 1mln barrels/day, due to declining
investment in exploration and legal
disputes. Oil analysts now see Indonesia increasing oil production in
order to take advantage of high crude oil prices, which in turn is seen
weighing on prices. Indonesia has been a member of OPEC since 1962 and
reportedly been considering leaving the cartel for the past 3-years.
WTI Nymex crude oil is at $127.00, down $1.85.