Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices.
Indonesia is the region’s largest oil producer, but the nation of 235 million people has had to import for years because of aging wells and disappointing exploration efforts. A weak legal system and red tape has scared foreign investors away, even as consumption rises.
Indonesia, which was among the first to join after OPEC was founded in 1960, will remain a member until the end of the year. It will leave open the option of returning to the cartel.