RI Records $1B Oil Trade Deficit in Q1

Despite strong gas exports helping to keep Indonesia’s overall oil and gas trade account in the black, the country is still on a trend of becoming a net oil importer, already booking more than US$1 billion oil trade deficit during this year’s first quarter.

Responding to inquiries on the subject from the House of Representatives’ Commission XI for financial affairs, Minister of Finance Jusuf Anwar said in a written statement on Monday that Indonesia’s oil and gas trade account had as of March actually recorded a surplus of US$642.2 million.

In terms of oil trade alone, however, Indonesia is still experiencing a $1.37 billion deficit, due to the country’s high oil import needs and declining oil production at home.
The Jakarta Post