A PT Pertamina worker opens a gauge near crude oil tanks on Bunyu island, Indonesias East Kalimantan province February 8, 2011. Indonesian state energy firm Pertamina plans to spend USD1 billion in 2011 for acquisitions of oil and gas blocks, as the country seeks to boost declining production. Pertamina has said it expects crude and condensate production of 132,000 barrels per day for this year, up just 1 percent from last year, though the former OPEC member country has often missed production targets because of declining output at ageing fields. Jakarta, Indonesia (News Today) - President Susilo Bambang Yudhoyono has instructed Coordinating Minister for Economic Affairs Hatta Rajasa to keep a watchful eye on rising world oil prices. Hatta told the press after a meeting at the presidential office here Monday, the President had also asked him to monitor the implications of the rising crude prices on the prices of other commodities.
"We have been asked to really control domestic inflation and maintain price stability. That is what we must do," he said.
In order to prevent the increasing world oil prices from affecting the subsidy budget, Hatta said, Indonesia’s crude oil production must be increased so as to reduce the need for imported oil. Apart from that energy use must also be economized and energy use diversified.
Hatta said if the world crude price continued to rise, the government would in the second semester of this year discuss with the House of Representatives the possibility of increasing the fuel oil subsidy budget.
"If the assumed Indonesian Crude Price surpasses US$80 per barrel, there must also be an effort to economize the budget. The hike would possibly result in increasing the deficit and therefore we must increase the budget for subsidy," he said.
"They are still mere assumptions.The reality is not like that yet. So we must see the development and what would change in the world. Macro-changes would only be done in the second semester. What is important for us is maintaining the stability of prices, fuel oil supply and stability of food prices," he said.
As a result of political crisis in Lybia, the world price of crude has increased by US$18 per barrel in the past two weeks in New York market. The Brent price released on Friday, March 4, was recorded at US$115.97 per barrle or up US$1.18 from two days earlier. The world crude price hike is feared to increase the country’s oil subsidy budget and the prices of some food commodities.
Source : kompas
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