Indonesia will not object to a production decline by OPEC


Moscow. December 16. Indonesia will not object if the Organization of countries-exporters of oil (OPEC) will agree on reducing production to maintain energy prices on world markets, said in an interview with Bloomberg in Jakarta, the representative of Indonesia in the OPEC Wadhawan Prawiraatmadja.

Indonesia joined OPEC in 1962, but left the organization as of 1 January 2009, as it became a net importer of oil. Since the beginning of December 2015, Indonesia has restored membership in the oil cartel.

Oil will continue to fall in price in case save is not strong enough demand because of the situation in the global economy, and if OPEC and other producers will continue to increase supplies, said in Prawiraatmadja.

According to him, low prices do not immediately will force high-cost producers to fix oversupply, so for a while the world will continue to exist in conditions of overproduction of oil.