Poten's Opinion : A Sleeping Giant

Feb 16 2024

Changes in Indonesia’s oil balances should benefit tankers

On Wednesday February 14, Indonesia, Asia’s third most populous country and its second largest democracy after India went to the polls to elect a new president. The winner appears to be Prabowo Subianto, the country’s defense minister and former general who has the support of the popular outgoing president Joko Widodo. 
Indonesia is a resource-rich country: It is the world’s fourth-largest producer of coal and Southeast Asia’s biggest gas supplier. The country is also one of the largest producers of biofuels in the world. Indonesia was once a major crude oil producer and exporter, but growing demand and declining production turned it into a net importer of crude oil. 
The country has 18,000 islands, of which 6,000 are inhabited and the total population is estimated to be around 275 million people. Indonesia is of great strategic importance to both the United States and China. It also plays an important role in the region’s crude oil and product tanker markets.

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