Fuel imports make Indonesia net importer of oil

The Indonesian government estimates that the balance of trade petroleum and refined products will remain negative this year, with imports outweighing exports. An official report from the Energy and Mineral Resources Ministry shows that the trade balance deficit arises from fuel imports. The country’s crude oil trade balance is still positive with exports estimated at 399,000 barrels per day (bpd) and imports estimated at 254,000 bpd. Indonesia has been a net importer since 2003, due to declining oil production and increasing domestic fuel demand, and problems optimizing local refining for the domestic market. (October 19, 2009)