SEATTLE (Oil Monster): Indonesia is exploring the possibility of purchasing oil from Russia to secure its domestic energy supply amid rising global crude prices, according to local media reports citing Energy Minister Bahlil Lahadalia. The move comes as geopolitical tensions in the Middle East have driven oil prices higher, prompting Jakarta to consider alternative sourcing options.
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Lahadalia stated that Indonesia is open to sourcing oil from any country, emphasizing that ensuring stable supply remains the government’s top priority. The consideration follows a 30-day waiver issued by the United States, allowing certain countries to acquire sanctioned Russian oil and petroleum products currently stranded at sea.
Indonesia is also evaluating potential energy cooperation with Brunei as part of its broader supply strategy. Meanwhile, data indicates a sharp drop in Indonesia’s crude imports from Saudi Arabia, which fell to 23,000 barrels per day in March from 104,000 bpd in February.
Complicating the situation, the Pertamina Pride, a Very Large Crude Carrier operated by state-owned Pertamina, remains stranded in the Gulf carrying 2 million barrels of Saudi crude.
Authorities are also preparing budget adjustments should elevated oil prices persist.
