Indonesia plans to set aside more than 10 million barrels of crude — about a 10th of global daily consumption — over the next decade as a buffer against energy shocks.
The government is also seeking almost 10 million barrels of gasoline and more than half a million tons of liquefied petroleum gas by 2035, depending on its financial capability, it said in a regulation outlining the plan.
Southeast Asia’s largest economy is seeking to boost its energy security in the face of geopolitical risks and one-off events that boosted oil price volatility last month. The former OPEC member is struggling with slumping crude production even as a growing population leads to increased demand. It plans to reduce consumption by limiting subsidized fuel sales and using more biofuels.
