Oil Prices At US$ 90/Barrel, ESDM: Still OK News – 2 hours ago

Jakarta, CNBC Indonesia – The Ministry of Energy and Mineral Resources (ESDM) is still monitoring the movement of crude oil prices, which are currently around US$ 90 per barrel. This follows the outbreak of war between Palestine and Israel in recent weeks.

The price of Brent oil in trading Monday (23/10/2023) at 13:52 WIB fell 0.96% to US$ 91.28 per barrel while the price of WTI oil fell 1.89% to US$ 87.07 per barrel.

Secretary General of the Ministry of Energy and Mineral Resources (ESDM) Dadan Kusdiana is optimistic that crude oil prices, which are still at US$ 90 per barrel, will not have an impact on domestic fuel prices.

Moreover, the price of Indonesian crude oil or Indonesian Crude Price (ICP) in the 2023 APBN has been set at US$ 90 per barrel.

However, it is feared that a protracted war will affect Indonesia’s crude oil supply. For this reason, Dadan said the government also continues to strive to ensure that domestic oil and gas supplies are safe and fulfilled.

“The first thing we ensure is the supply, it must not decrease, after that comes the impact. In the APBN, our ICP is US$ 90 per barrel, right? In terms of ICP, our basis is still okay,” said Dadan at the Ministry of Energy and Mineral Resources Building, Monday (23/10/2023).

Apart from that, according to Dadan, the government has also prepared several anticipatory steps in response to the protracted war between Palestine and Israel, especially those that will have an impact on the supply of crude oil in Indonesia.

One of them is by looking for sources of crude oil supplies from several other countries. As is known, Indonesia’s largest crude oil supply currently comes from Saudi Arabia and Nigeria.

“That’s certain (in anticipation of looking for other supplies), we have always had that idea that our multi-suppliers will not depend on one country, they have existed from the start,” said Dadan.

[Gambas:Video CNBC]

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