Indonesia's Oil Imports Reach Rp292 Trillion in First Half of 2022 Amid Soaring Oil Prices

Global crude oil prices soared amid limited supply due to the Russian invasion of Ukraine. The increase in global crude oil prices to over US$100 per barrel caused Indonesia's oil and gas import value to swell.

The Central Statistics Agency (BPS) reported that Indonesia's oil and gas imports reached US$19.46 billion or Rp291.96 trillion (using an exchange rate of Rp15,000 per US dollar) in the first half of 2022. This value surged by 68.98% compared to the first half of the previous year.

The value of oil and gas imports in the form of refined oil reached US$12.01 billion from January to June 2022. This value almost doubled from the same period the previous year, which was US$6.18 billion. This accounts for 61.7% of the total national oil and gas import value.

Meanwhile, crude oil imports reached US$4.74 billion in the first half of this year, representing 24.33% of total oil and gas imports. This value increased by 28.68% compared to the first half of the previous year, which was only US$3.68 billion.

Furthermore, natural gas imports reached US$2.72 billion in the first six months of this year. This value surged by 64.03% compared to the first six months of the previous year. The proportion of natural gas imports was only 13.95%.

The surge in Indonesia's oil and gas import value is inseparable from the increase in global crude oil prices by 44.74% (year-to-date/ytd) to US$114.81 per barrel at the end of June 2022, compared to US$79.32 per barrel at the end of December 2021. Oil and gas imports also became more expensive due to the strengthening of the US dollar against major world currencies.