Vienna — Indonesia's energy minister Ignasius Jonan said Tuesday he had "mixed feelings" as to whether OPEC would strike an output deal at its formal meeting in Vienna on Wednesday, raising further doubts that the 14 member group can get a crude production agreement over the line.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
The newly appointed energy and mines minister said the net importer was still undecided as to whether they will join in on any freeze or reduction to production, stressing the importance of a "fair deal" for all members.
With a deadline looming, OPEC members are making a last-minute push to negotiate the terms of a deal that aims to tighten the global oil balance and firm prices.
However, there have been some worrying signs including non-OPEC countries not attending a technical meeting on Monday and UAE OPEC governor Ahmed Mohamed Alkaabi saying after the meeting that "some concerns" remain about the treatment of Iraq and Iran under the proposal that will be put forward.
Indonesia, which reactivated its membership of OPEC on 1 January 2016, has been producing a steady 730,000 b/d in recent months according a survey by to S&P Global Platts.
Indonesia's Pertamina owns and operates seven oil refineries with a total installed capacity of 1.05 million b/d.
However, that is not enough to meet refined product demand of 1.5 million-1.6 million b/d, and the company imports oil products on a term and spot basis to supplement its own production.
Indonesia also plans to build four refineries between 2020 and 2025 with capacities of 300,000-350,000 b/d as part of the government's effort to cut its dependency on crude and product imports.
--Staff reports, email@example.com