Indonesia, a new member of the BRICS economic bloc, has announced plans to begin importing oil from Russia as early as April according to its Energy Minister, Bahlil Lahadalia. The country, which consumes 1.6 million barrels per day against domestic production of 600,000 barrels, faces a significant annual shortfall. The initiative follows a meeting between Russian President Vladimir Putin and Indonesian President Prabowo Subianto, where both leaders emphasized strengthening energy cooperation within the BRICS framework, which collectively controls over 45% of global oil supply.
Indonesia is targeting an April start for Russian oil imports, as announced by the Minister of Energy and Mineral Resources, Bahlil Lahadalia. The minister stated that Indonesia must expand its energy needs by cooperating with different nations.
The country currently produces 600,000 barrels of oil daily but consumes 1.6 million barrels, creating a substantial deficit. Each year, Indonesia requires an additional 300 million barrels to fulfill its total energy demand.
A recent meeting in Moscow between Russian President Vladimir Putin and Indonesian President Prabowo Subianto laid the policy groundwork for this new trade avenue. Putin welcomed the decision to strengthen trade between the two strategic partners.
“Our countries cooperate closely and interact well in various international forums. Indonesia is now a member of BRICS, and this opens up new opportunities to develop our cooperation,” said Putin. Russia could soon begin shipping oil to meet Indonesia’s growing needs.
“As a strategic partner, we are ready to cooperate, particularly in the supply of oil and gas, storage, and electricity, specifically nuclear power stations,” stated Russian Minister of Energy Sergey Tsivilev. Russia is already a major crude supplier to fellow BRICS members China and India.
The BRICS alliance is reported to control over 45% of the global oil supply, with Russia being a top producer. The finalization of the oil deal between Russia and Indonesia could occur before the end of the month.
