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Indonesia Plans Oil Procurement from Russia Amid Rising Energy Demand
Indonesia Plans Oil Procurement from Russia Amid Rising Energy Demand
BTCCSquare news:
Indonesia, a new BRICS member, is set to begin purchasing oil from Russia as early as April to address its growing energy deficit. Energy Minister Bahlil Lahadalia confirmed the move, citing domestic production of 600,000 barrels per day against a consumption of 1.6 million barrels. The shortfall necessitates an additional 300 million barrels annually.
Russian President Vladimir Putin and Indonesian President Prabowo Subianto recently met in Moscow to solidify energy trade agreements. Russia, already a key crude supplier to BRICS nations China and India, may soon extend shipments to Indonesia. Sergey Tsivilev, Russia's Energy Minister, emphasized the strategic alignment, noting BRICS now controls 45% of global oil supply.