Indonesia Boosts Oil Lifting Target as Global Prices Remain Volatile

Indonesia has revised its oil lifting target for 2027 to 612,500 barrels per day (bpd), up from the initial proposal of 610,000 bpd. The increase is part of a broader revision to the country's energy production targets.

The Ministry of Energy and Mineral Resources made the decision after consulting with various stakeholders, including other ministries and leaders. The revised target for natural gas lifting was also lowered to around 954,000 barrels of oil equivalent per day (boepd), down from a previous estimate of 984,000 boepd.

President Prabowo Subianto had previously proposed an oil lifting target of 610,000 bpd for 2027 when presenting the draft state budget to the House. The revisions put Indonesia's combined oil and gas lifting target for 2027 at around 1.57 million boepd.

Energy Minister Bahlil Lahadalia cautioned that global energy prices are increasingly difficult to predict due to heightened geopolitical tensions, which can trigger sharp swings in oil prices with little warning.