As if the reports that OPEC managed to reach a deal on production cuts was not news big enough, the organization added another shocker on Wednesday, by suspending Indonesia from OPEC.
The cartel agreed at the ministerial meeting today to suspend Indonesia from the organization,
Indonesia returned to full-fledged OPEC membership in
On the eve of OPEC’s meeting today, Indonesia’s energy minister Ignasius Jonan was not as optimistic as other OPEC ministers, and said he was not sure that OPEC would reach a deal.
“I don't know. Let's see. The feeling today is mixed,” Jonan said, as quoted by
According to a survey by
According to a ZeroHedge
Indonesia’s suspension would also mean OPEC would have a new output floor, another ZeroHedge
Indonesia aside, according to Reuters, the cartel’s de factor leader Saudi Arabia has agreed to cut its production to 10.06 million bpd, that’s around 500,000 bpd from the
The organization has also agreed to allow Iran to set its production level at 3.797 million bpd, an OPEC source told Reuters. The OPEC October data put Iran’s output at 3.690 million bpd.
By Tsvetana Paraskova for Oilprice.com
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