Indonesia Sets 2016 Oil Output Target at 830,000 Barrels Per Day
Jakarta. The House of Representatives’ Commission VII and the Energy Ministry approved on Monday Indonesia’s oil production target of between 800,000 and 830,000 barrels per day during a working meeting to deliberate the 2016 State Budget.
Energy and Mineral Resources Minister Sudirman Said considered the figure realistic based on this year’s oil output so far.
“We will continue to monitor production until the end of the year so we can set a clearer target for next year,” he said.
Monday’s working meeting was the third between the ministry and Commission VII, which oversees the country’s energy sector.
Indonesia’s current oil production stands at 802,046 barrels per day on a monthly average and 77,347 per day on a yearly average, according to ministry spokesman Dadan Kusdiana.
The figure is still below domestic demand, which is recorded at 1.43 million barrels per day. To cover the gap, the government imports oil from various countries.
Indonesia is currently in talks to rejoin the Organization of the Petroleum Exporting Countries (OPEC) despite being a net importer of the commodity.
Monday’s meeting also saw the government and the legislature approve a subsidy of Rp 1,000 (7 US cents) per liter for gasoline and diesel.
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Source: The Jakarta Globe