Indonesia to raise crude target price to US$90 in 2023 to weather rising costs pressures: Minister

Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto at the S. Rajaratnam School of International Studies Distinguished Public Lecture held in Singapore on Aug 29, 2022. PHOTO: S. RAJARATNAM SCHOOL OF INTERNATIONAL STUDIES
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Indonesia will raise its crude oil price target in 2023 to US$90, up from this year's US$63, as it looks to mitigate rising cost pressures on the domestic economy, the country's Coordinating Minister for Economic Affairs Airlangga Hartarto told The Straits Times in an interview.

The price target is typically forecasted by the government to help it determine the revenues it can expect from the oil it produces and exports, and what it would need to budget for the oil that it intends to purchase.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.