Indonesia eyes Russian crude as Middle East tensions deepen import gap, subsidy strain
The move comes as countries scramble to secure energy supplies while the conflict drags on
Add BT as a preferred source
[JAKARTA] Indonesia is weighing crude imports from Russia as it seeks cheaper barrels, a more diversified supply and relief for its subsidy-heavy energy system amid tighter global oil markets.
The country’s domestic production of about 600,000 barrels a day still falls far below its daily demand of more than 1.6 million barrels.
Despite its abundant reserves of coal, gas, nickel and palm oil, it remains heavily reliant on imported crude and fuel products, with about a quarter of its crude supply coming from the Middle East.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey
Not in education, employment or training: Why more Hong Kong youths are opting out of work
