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Indonesia’s Decision to Leave OPEC

Sumber: Google

About 1.5
years ago, the government said that Indonesia will join the Organization of
Petroleum Exporting Countries (OPEC), along with states eksportir oil executive
was clearly felt as a country that is still in tatters. Oil production
continues to fall, and the increasing needs of the community, making Indonesia
a nett oil importer country. Joining OPEC with Indonesia aims to get the
maximum benefits with OPEC active in order to deliver benefits for help
attaching the oil-exporting countries. But in fact, its membership is less than
a year. Indonesia decided to leave OPEC. The cause is the OPEC decision to cut
production quotas in order to fix the price of oil is now being destroyed-destruction.
            At a meeting of the OPEC countries
in Wina, Austria on 30 November 2016, agreed to cut oil production by 1.2
million barrels per day next year. This decision as OPEC concrete steps in
response to the decline in world oil prices. The agreement is in a row with
Saudi Arabia’s attitude softened and are willing to cut production by up to
500,000 bpd. Earlier, Saudi Arabia as the main motor of OPEC had rejected the
demand for a reduction in oil production this. Previous, Saudi Arabia refused
to cut oil production by OPEC on price grounds contribution is not significant.
He considers, countries outside of OPEC is more responsible in terms of the
stability of oil prices.
Choose Exit
            As a consequence of OPEC’s decision,
member countries are required to cut oil production as of January 2017. For
example, Saudi Arabia is willing to cut 500,000 bpd, Iraq will cut oil output
by as much as 210,000 bpd, United Arab Emirates plans to cut oil production of
139,000 bpd, Kuwait amounted to 131,000 bpd, and Venezuela will cut oil output
by 95,000 bpd. Indonesia as a member, would also be obliged to cut production.
According to Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan who
attended the meeting, Indonesia is obliged to cut its oil production by about 5
percent, or about 37 thousand bpd. That obligation is certainly contrary to the
purpose Indonesia again become active members of OPEC in December 2015 ago. One
aim is that Indonesia can obtain the certainty of oil imports directly from manufacturers,
such as Saudi Arabia, Kuwait, and Iran. Though state revenue needs are still
great, and the draft budget agreed in 2017 oil production in 2017 fell by 5
thousand barrels compared to 2016.
            The government’s attitude as if
swallowed itself. President Jokowi was argued, the release of Indonesia from
OPEC this time will not have any impact on the economy of the country. The
President claimed that the government has other considerations before taking
the decision. Moreover, not only this time alone, Indonesia to enter and then
exit, entry and exit again from OPEC.
The Best
            At that time, the government argues
that, although Indonesia is no longer a net oil exporter, but rejoined as OPEC
members will provide their own advantage. One of them, Indonesia can have
certainty import oil directly from oil producers such as Saudi Arabia, Kuwait,
and Iran. Besides, we can also provide ample opportunity for Indonesia to
obtain oil and gas blocks in the member countries of OPEC, according to the
Ministry of Energy and Mineral Resources page.
            However, Indonesia has decided
finally leave OPEC at the end of November, following the decision to cut oil
production by 1.2 million bpd, and require Indonesia to cut about 5 percent of
its production. At the same time, Indonesia had to increase production to the
state budget revenues while meeting domestic needs. Therefore, out of OPEC may
be the best choice for now. (RP)

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