Indonesia's Crude Oil Trade Deficit Soared 200% in 2021

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Viva Budy Kusnandar 29/07/2022 10:40 WIB

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Indonesia's crude oil trade deficit in 2021 surged approximately twofold compared to the previous year.

Indonesia's Crude Oil Trade Balance Deficit (2012-2021)

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Indonesia's Crude Oil Trade Balance Deficit (2012-2021)

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Based on data from the Central Bureau of Statistics (BPS), Indonesia's crude oil trade balance deficit reached US$4.25 billion in 2021.

This figure surged 113%, or about double, compared to the 2020 deficit of only US$1.99 billion. This deficit also occurred for the ninth consecutive time in the last nine years.

The widening deficit was triggered by a 107.78% year-on-year (yoy) increase in crude oil imports to US$7.05 billion in 2021. Meanwhile, Indonesia's crude oil exports increased by 100.15% (yoy) to US$2.8 billion in the same period.

The deficit was also influenced by the rise in global Brent crude oil prices, which reached US$79.2 per barrel at the end of December 2021, soaring 54.2% (yoy) from its position at the end of December 2020.

The increase in global crude oil prices was influenced by many factors, including the increase in global economic activity as the impact of the Covid-19 pandemic subsided.

The increasingly limited domestic crude oil production from existing wells, and the lack of new oil fields discovered, have forced the government to import crude oil from abroad.

The continuously increasing domestic demand for fuel oil (BBM) also forces the government to import large quantities of crude oil and refined oil every year.

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."

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