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OPEC keeps oil output rate unchanged, approves Indonesia as member

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/06/2015 (15:53)
According to a media reports, OPEC decided to maintain its oil production target stable at 30 million barrels/day for another six months at the June 5 OPEC ministers’ meeting in Vienna, Austria. The group reportedly will meet next on December 4, 2015. The group had last kept their production ceiling at 30 million barrels per day in November 2014, which helped oil prices to decrease to as low as $45/barrel in January.

In addition, the group has approved Indonesia’s application to rejoin the oil exporters group, according to a statement from Indonesia’s energy ministry. In 2008, the group had agreed to suspend Indonesia’s membership upon the country’s request. Indonesia’s Energy Ministry reportedly stated that Saudi Arabia, Indonesia’s top crude supplier, fully supported their re-accession into OPEC.

Saudi Arabia’s Oil Minister Ali al-Naimi also called on state oil company Saudi Aramco to invest in Indonesia’s downstream market. The United Arab Emirates has also offered to supply crude oil and fuel to Indonesia via Mubadala Petroleum while Iraq stated that they are open to seeing more investments from Indonesia.
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