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Political uncertainty reduces Indonesian production

10/13/2008
Indonesia’s declining oil production, as well as its recent departure from the Organization of Petroleum Exporting Countries, is the result of political uncertainty in the country, according to a media report.The collapse of the Suharto government in 1998 resulted in management confusion at state-run oil company Pertamina, which deterred its Western oil-firm partners from making new investments in Indonesia, according to a report in the Nikkei Business Daily.The consequent delay in developing new oil fields caused the eventual drop in crude oil production, the newspaper said. As a result, Indonesia quit OPEC, deciding that further membership was meaningless, as its crude oil output ...
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