Indonesia said to be on course to rejoin OPEC in December

9/8/2015

GRANT SMITH

LONDON (Bloomberg) -- Indonesia is on track to resume full OPEC membership in December after a break of almost seven years, according to three people familiar with the matter.

The Asian nation, which suspended membership in January 2009 after becoming a net oil importer, received formal notification that the Organization of Petroleum Exporting Countries’ 12 members all support its return, said the people, who asked not to be identified because the discussions aren’t public. The move is subject to final approval at the group’s ministerial meeting on Dec. 4, they said.

OPEC agreed to suspend Indonesia’s membership in September 2008 at the country’s own request, almost half a century after the nation joined. The country pumped 852,000 bopd in 2014 and consumed almost twice as much, according to BP.

Indonesia received confirmation of members’ support on Aug. 31, one of the people said. OPEC member countries also received written notice that the nation’s readmission is approved, the people said.

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