Prices Up, Production Down

INDONESIA is certainly unlucky. Once oil prices soared to above US$100 per barrel, it ended up making a loss rather than a profit, even though Indonesia is still one of the world’s oil producers. All this came about because Indonesia’s production of crude oil continues dropping, while on the other hand fuel consumption keeps rising.

Ten years ago, Indonesia’s crude oil production was still 1.4 million barrels per day, but now this has drop

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