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.