Indonesia, Asia's only member of OPEC, became a net crude oil importer in this March, when it imported an average 484,000 bpd, and exported 448,000 bpd.
Imports rose further to 503,000 b/d in April, while exports dropped to 413,000 b/d, the official said on condition of anonymity. Indonesia releases the value of monthly oil and gas trade, but doesn't separately detail figures for crude.
The country has often been a net importer of refined oil products, but this is the first time it has brought in more crude from abroad than it has exported.
However, Indonesia's crude oil output was around 980,000 b/d in April, that is down from over 1.3 million b/d three years ago? According the data of Dow Jones Newswires. This has been primarily a result of sluggish investment and a lack of exploration for new fields.
According to the analysts? declining crude oil output will diminish Indonesia's role within OPEC, which is already minor, and could threaten its membership of the cartel.
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Indonesia May Get The Kick From OPEC
This is the first time it has brought in more crude from abroad than it has exported.
