Indonesia Min: Indonesia Will Be Net Oil Importer '05

[bemildred]

Indonesia, Southeast Asia's sole member of the Organization of Petroleum Exporting Countries, will be a net oil importer in 2005, Coordinating Minister for the Economy Aburizal Bakrie said Tuesday.

"Without a doubt, Indonesia in 2005 will become a net oil importer due to low oil output," Bakrie told reporters, without elaborating.

Bakrie said Indonesia's oil output will average only 1.060 million barrels a day this year, below the 1.125 million b/d stipulated in the government's official budget for 2005.

He didn't elaborate on the reasons behind Indonesia's falling oil output or government strategies to cope with the problem.

RigZone

[Frederik]

1. I'll be damned

The era of cheap oil does seem to be coming to an end.