During the past year Angola joined OPEC, Ecuador rejoined, and Indonesia dropped out. Indonesia dropped its membership because it is now a net importer of crude, due to lower production and higher domestic demand. Indonesia produced 1.5-1.6 million barrels/day in the mid-1990s and now produces 800,000 barrels/day. It was the only OPEC member in Southeast Asia. It will save approximately $3.1million in membership fees per year for leaving the organization.

OPEC accounts for 30% of global oil production. Current OPEC agreements are based on maintaining production levels and not setting specific quotas. However, in a meeting at the end of 2007, Angola was given a quota of 1.9 million barrels/day.

Snapshot asks, as oil prices continue to rise, will OPEC set more quotas upon its members?

Bloomberg - Indonesia to Pull Out of OPEC as Oil Output Drops
International Energy Agency - Oil Market Report
Jadwa Investments - Oil's Surge: what's behind it and what it means for Saudi Arabia
Financial Times - Opec Meeting: Angola faces curbs on production