Indonesia's Oil Imports Increase in the First Half of 2024

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Adi Ahdiat 16/07/2024 11:53 WIB

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According to BPS reports, Indonesia's oil import value increased in the first half of 2024. This occurred alongside a strengthening trend in global oil prices during that period.

Indonesia's Oil Import Value, First Semester (2023-2024)

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Indonesia's Oil Imports Increase in the First Half of 2024

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Indonesia's Oil Import Value, First Semester (2023-2024)

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According to the Central Statistics Agency (BPS) report, Indonesia's oil import value in the first half of 2024 reached US$18.01 billion.

This figure is up 8.22% compared to the first half of last year (cumulative-to-cumulative/ctc).

This increase was due to the rise in imports of crude oil and oil products.

In the first half of 2024, the value of crude oil imports increased by 5.12% (ctc) to US$5.2 billion.

Meanwhile, the value of oil product imports rose by 9.53% (ctc) to US$12.81 billion.

This occurred in line with the strengthening trend of global oil prices in the first half of 2024.

Based on World Bank data, the average global crude oil price increased for four consecutive months during January-April 2024.

Then, in May 2024, the price weakened slightly, but strengthened again in June 2024.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."