Anorak News | Indonesia’s Oil Problem

Indonesia’s Oil Problem

by | 7th, May 2008

OIL is shooting up faster than Pete Doherty in a jet. But:

Indonesian President Susilo Bambang Yudhoyono said yesterday that Indonesia was considering quitting OPEC because it is no longer a net oil exporter….The country is Southeast Asia’s only OPEC member. But it has to import oil because of decades of declining investment in exploration and extraction because of corruption and a weak legal system that makes oil companies wary of doing business there”. Source

Meanwhile, “Oil set a new record high of $122 a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months“. Source

Posted: 7th, May 2008 | In: Money Comment (1) | TrackBack | Permalink