Brent Crude Oil Price Returns to USD 100 per Barrel

Global crude oil prices returned to the USD 100 per barrel mark on Friday, 13 March 2026. Brent crude oil futures contracts reached USD 101 per barrel as of 14:00 on 13 March, whilst West Texas Intermediate (WTI) crude oil stood at USD 97 per barrel, according to Trading Economics data.

Brent crude had touched its highest level of USD 117 per barrel on 9 March, with Friday’s price exceeding Thursday’s close of USD 100 per barrel.

Finance Minister Purbaya Yudhi Sadewa previously explained that according to calculations by the Ministry of Finance, if oil prices breach USD 92 per barrel, the state budget would face a deficit of approximately 3.6-3.7 per cent of gross domestic product (GDP).

He noted that Indonesia has previously experienced global oil prices surging to USD 150-200 per barrel, which did not immediately cause economic collapse but rather slowdown. The government will monitor the impact of rising global oil prices over the coming month.

To mitigate potential budget deficits, Purbaya indicated the government would review the efficiency of the free nutritious meal programme budget. However, he clarified that this did not mean cutting the programme. “The nutritious meal programme will not be cut, except for unproductive elements,” he stated.

The Finance Minister explained that budgets deemed unnecessary would be re-examined, such as procurement of new motorcycles and computers. He emphasised that items under evaluation would be limited to goods unrelated to food provisions, ensuring the nutritious meal scheme remained truly cost-effective and efficient.

After one month, the government will reassess oil prices and their impact to formulate appropriate policy responses. “So we can make the right policy decisions. You trust me, I’m quite smart,” he said.

When global oil prices surged to their highest level on Monday, 9 March 2026, the Composite Stock Price Index (IHSG) experienced significant losses. This decline coincided with the rupiah’s depreciation to approximately Rp 17,000 per US dollar.