At the end of 2016, Indonesia—which had rejoined OPEC just several months before that—refused to take part in the production cut deal and suspended its membership in the organization. Now Indonesia says that it would be happy to rejoin the cartel if it manages to boost its crude oil production and diminish its imports. Indonesia is currently a net importer of crude oil, while under OPEC’s statute “any other country with a substantial net export of crude petroleum” and similar interests can join the cartel, pending approval by the members. It’s called the Organization of the Petroleum Exporting Countries, after all. Indonesia first joined OPEC in 1962, becoming the first Asian member of the organization outside the Middle East. It suspended its membership in 2009, when declining domestic oil production made it a net importer of crude oil. Indonesia then rejoined OPEC in January 2016, aiming to use its […]