Indonesia Wouldn't Block OPEC Cuts; Says Prices May Slide Lower
- Prices may fall if supply added `irrationally': OPEC governor
- Talking with Iran about oil supplies for domestic refineries
Is OPEC Fueling the Global Oil Glut?
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Indonesia wouldn’t oppose any call by OPEC to cut crude production while saying oil prices may trend lower because of weak global demand and high supply.
The Southeast Asian producer officially reactivated its OPEC’s membership on Dec. 4 after a seven-year suspension and is the only net-importing country in the producer group. Its return coincides with a collapse in crude prices that’s discouraging energy investments and as the country’s dependence on overseas oil grows.