What were Indonesia's oil reserves in 2020?

Based on BP data, Indonesia's proven oil reserves amounted to 2.44 billion barrels in 2020. This represents a 1.77% decrease from 2019, when reserves stood at 2.48 billion barrels.

Last year's oil reserve figure is the lowest ever recorded. This is due to the continuous depletion of national oil reserves.

In fact, Indonesia's oil reserves have shrunk by more than 42% over the past decade. This is a consequence of ongoing drilling from existing oil wells, while the discovery of new oil wells remains extremely limited.

Furthermore, Indonesia's oil reserves last year constituted only 0.1% of the global total, which reached 1,732.4 billion barrels. Venezuela holds the largest oil reserves, with 308.11 billion barrels, representing 17% of the global total.

Increased domestic oil consumption and continuously dwindling production have made Indonesia a net oil importer since 2003. Consequently, the Indonesian government decided to withdraw from OPEC (Organization of the Petroleum Exporting Countries) in 2008 due to declining oil production and its status as an oil-importing nation.