The quota of the country will be distributed among other OPEC members.
Indonesia suspended its membership in OPEC, according to Reuters, citing its sources. The reasons for the decision of Jakarta is not specified.
Thus put the country quota in 740 thousand barrels of oil per day will be distributed among remaining OPEC States.
Indonesia first joined OPEC in 1962, two years after the creation of the cartel. In 2008, the country announced its withdrawal from the OPEC and returned to him only at the end of 2015.
We will remind, on 30 November, OPEC agreed to cut oil production by 1 January 2017 at 1.2 million barrels per day. After reducing the level of oil production should reach 32.5 million barrels per day. Also, Russia agreed to cut oil production.
Oil prices rose sharply
OPEC is an international organization created by oil producing countries (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Indonesia) in order to control the production quotas of oil.