Government to Release 5 Million Barrels Oil to Market

SGC Jakarta
Wednesday 2009-08-18 09:39:56

The Indonesian government will release crude oil to the market with a volume between 4 or 5 millions barrels, in addition to the available stock of 11 millions barrels, by the end of the year. Official from the Department of Energy said the sales are made if the target attached in the 2009 State Budget (APBN) of 960 thousands barrels per day is not achieved. The government is expected to have daily crude oil shortage of 13,402 barrels per day.

Based on the data from Oil and Gas Regulator, the current crude oil production totals to 822,965 barrels per day with condensate of 123,633 barrels per day. As a result, the total oil lifting reaches 946,598 barrels per day.

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