Indonesia plans to buy Russian oil, says Reuters
Indonesia, home to the world's largest Muslim population, is planning to purchase Russian oil due to a global fuel crisis and after the United States granted a 30-day waiver enabling countries to purchase sanctioned Russian oil and petroleum products stranded at sea.
Source: Reuters
Details: Indonesia relies heavily on oil imports. In 2024, crude and refined oil made up more than 13% of the country's total imports, according to the Observatory of Economic Complexity, an online data visualisation and distribution platform.
According to Kpler, in March, Indonesia's crude oil imports from Saudi Arabia dropped from 104,000 barrels per day to 23,000 barrels per day – a decrease of nearly 78%.
"Every country is a possibility. What's important for us now is ensuring the supply," said Bahlil Lahadalia, Indonesia's Minister of Energy and Mineral Resources.
The country is also considering purchasing oil from Brunei and plans to reduce budget spending on some government programmes if global oil prices remain at current high levels.
Background:
- On 13 March, the US lifted sanctions on Russian oil loaded onto tankers.
- Following these developments, Russian Urals crude reached US$98.93 per barrel on the Indian market, while the average Russian oil price topped US$73 per barrel. Russia has also accelerated loading oil onto tankers to sell before sanctions return.
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