Oil Predicted to The Moon, Minister of Energy and Mineral Resources: Even More Sad! News – 1 hour ago

Jakarta, CNBC Indonesia – The Ministry of Energy and Mineral Resources (ESDM) continues to monitor the potential for an increase in global crude oil prices due to the conflict between Hamas, Palestine and Israel. The reason is, this could cause the price of fuel oil (BBM) in the country to also soar.

Minister of Energy and Mineral Resources Arifin Tasrif admitted that he is currently not worried about the potential increase in crude oil prices due to winter. However, what is worrying is the continuation of the war between Palestinian Hamas and Israel.

Therefore, he also hopes that the war which is currently ongoing can end soon, so that it does not have an impact on oil prices.


“Russia is beating Ukraine up, now Israel wants to keep beating it up. It’s getting sadder,” said Arifin when met at the Ministry of Energy and Mineral Resources Building, Jakarta, Thursday (26/10/2023).

Previously, the President of the Republic of Indonesia (RI) Joko Widodo (Jokowi) predicted that crude oil prices could soar to US$ 150 per barrel, especially if the Russia-Ukraine and Israel-Hamas wars never ended, or even became more widespread.

Jokowi advised all parties to be alert and careful. The reason is, the spike in oil prices could have an impact on both the fiscal and monetary sides.

From a fiscal perspective, a spike in oil prices could cause the fuel subsidy budget to swell. Apart from that, the spike in oil prices also caused inflation to soar, making it necessary to adjust monetary policy.

“I checked yesterday the price of Brent was still US$ 89 per barrel, but if… [perang] “as I said earlier, we don’t understand it could reach US$ 150,” said Jokowi in a meeting on Tuesday (24/10/2023).

Please note, today, Thursday (26/10/2023), the price of WTI crude oil opened slightly lower by 0.02% at US$ 85.37 per barrel, as well as Brent crude oil opened down 0.23% to position of US$ 89.92 per barrel.

In trading Wednesday (25/10/2023), the price of WTI crude oil closed up 1.97% at US$ 85.39 per barrel, likewise Brent crude oil closed up 2.34% to US$ 90.13. per barrel.

Oil prices rose about 2% in trading Wednesday, supported by concerns about conflict in the Middle East, but gains were limited by higher US crude inventories and a gloomy European economic outlook.

[Gambas:Video CNBC]

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(wia)