Indonesia to Rejoin OPEC

At the December 2015 OPEC meeting, Indonesia will be welcomed as a returning member nation. OPEC has produced far more than their 2015 target of 30 million barrels of oil per day with record increases by Saudi Arabia and Iraq. Indonesia will make OPEC a 13 member group and add another 900,000 bopd to OPEC’s output to 32.50 million bopd. With many OPEC and non OPEC nations calling for the organization to cut production, the reintroduction of Indonesia may be an excuse to increase the OPEC target.