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WATCHING THE WORLD: Price hawks drive Indonesia away

06/02/2008
Indonesia’s decision to leave the Organization of Petroleum Exporting Countries is thought to have been a long time in coming, and due to its inability to cast much influence over the group (see story, p. 22).Bill Farren-Price, director of energy at Medley Global Advisors, said it has been in the cards for some time that Indonesia is no longer playing a full part in the organization and that its loss underlines the growing powers of what he called “price hawks” within OPEC.In fact, one might even argue that Indonesia has become a victim of the so-called price hawks in the organization.How so? The price hawks within OPEC were said to be hard of hearing when it came to the...
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