There’s been a lot of debate as to whether OPEC’s decision to protect its market share would work. Some thought that the policy shift from protecting price to protecting market share would eventually lead to a breakup of the organization, as weaker members would revolt or bolt. That, however, doesn’t appear to be the case, as its membership is poised to actually grow in December when it welcomes Indonesia back as a member. What Indonesia brings to the table Indonesia is poised to rejoin the oil group after a seven-year hiatus. It originally left due to a slide in its oil output, as it couldn’t overcome the declining production from legacy fields. In fact, its current daily output of 870,000 barrels is just half of what it was in its peak in the late 1970s. Further, that oil output isn’t even enough to meet its own internal demand, which […]