When the Oil and Gas Business Can No Longer Become the Mainstay of the Country
PojokId . In the 1980-1990 era, Indonesia might have felt the pleasure of becoming a petroleum producing country. Indonesia's oil production at that time not only helped state revenues, but also helped the trade balance and current account. Unfortunately, this condition cannot last long enough. Oil production has declined, while consumption has increased. As a result, state revenues from oil shrank, while fuel subsidies grew. Not only that, this condition created a trade deficit in oil. In recent years, the oil deficit can no longer even be closed by a surplus on gas. As a result, the oil and gas trade balance also registered a deficit. Institute for Development And Economics And Finance (INDEF) researcher Eko Listiyanto revealed the achievement of revenues and the condition of the oil and gas trade balance were mainly influenced by domestic oil production and world oil prices. "In the past few years, the explosion in commodity prices has ended," Eko said Based on data fr...