According to an article published in the Financial Times on May 28, on Wednesday, Asia’s only member of the Organization of the Petroleum Exporting Countries, Indonesia, withdrew from the consortium and finally accepted a huge amount of oil importing countries from oil exporters to high oil prices. change. The decision shows that the oil price of 130 US dollars has a huge impact on Asian economies and society. Asia is currently the engine of global economic development and the engine of oil demand.
Purnomo Yusgiantoro, Indonesia's Minister of Energy and Mineral Resources, explained that as a net oil importer, Indonesia hopes that oil prices will fall but other 12 member states do not want this. Deutsche Bank analysts said the decision had little impact on OPEC and the entire global market. "In my opinion, this only reflects a mature understanding of the changes in one's own interests."
Last Saturday, Jakarta, which joined OPEC in 1962, increased domestic fuel prices by nearly a third to control the government's spending on grants. Taiwan and Malaysia have also taken similar measures. On Wednesday, traders believed that high oil prices would depress the demand for oil from Indonesia and its neighboring countries. International crude oil futures prices fell to the lowest point of 125.96 dollars a barrel for the week. But after an analyst gave $150 in oil prices, it rebounded to $130 a barrel in the afternoon.
According to the International Energy Organization, although demand in North America and Europe has decreased, Asia has consumed 70% of the 1.03 million barrels of new daily production. Kurtubi, director of the Jakarta Petroleum and Energy Research Center, said that taking into account his identity as a net importer, Indonesia's decision to withdraw from OPEC is appropriate. “This is a correct decision because Indonesia hopes that oil prices can be reduced to prevent the rapid loss of government budgets.â€
Indonesia’s oil production peaked in 1976 and lasted for nearly 20 years. In 1995, oil fields began to decline due to aging and lack of investment production. In 2005, Indonesia became a net oil importer, and its current oil production is less than 1 million barrels per day. Indonesia has been a natural gas supplier to the region for a long time, but this position appears to be in crisis. After failing to renew several LNG contracts, Asian consumers such as Japan have already switched to Australia and other potential producers in the future.
Purnomo Yusgiantoro, Indonesia's Minister of Energy and Mineral Resources, explained that as a net oil importer, Indonesia hopes that oil prices will fall but other 12 member states do not want this. Deutsche Bank analysts said the decision had little impact on OPEC and the entire global market. "In my opinion, this only reflects a mature understanding of the changes in one's own interests."
Last Saturday, Jakarta, which joined OPEC in 1962, increased domestic fuel prices by nearly a third to control the government's spending on grants. Taiwan and Malaysia have also taken similar measures. On Wednesday, traders believed that high oil prices would depress the demand for oil from Indonesia and its neighboring countries. International crude oil futures prices fell to the lowest point of 125.96 dollars a barrel for the week. But after an analyst gave $150 in oil prices, it rebounded to $130 a barrel in the afternoon.
According to the International Energy Organization, although demand in North America and Europe has decreased, Asia has consumed 70% of the 1.03 million barrels of new daily production. Kurtubi, director of the Jakarta Petroleum and Energy Research Center, said that taking into account his identity as a net importer, Indonesia's decision to withdraw from OPEC is appropriate. “This is a correct decision because Indonesia hopes that oil prices can be reduced to prevent the rapid loss of government budgets.â€
Indonesia’s oil production peaked in 1976 and lasted for nearly 20 years. In 1995, oil fields began to decline due to aging and lack of investment production. In 2005, Indonesia became a net oil importer, and its current oil production is less than 1 million barrels per day. Indonesia has been a natural gas supplier to the region for a long time, but this position appears to be in crisis. After failing to renew several LNG contracts, Asian consumers such as Japan have already switched to Australia and other potential producers in the future.
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