Experts estimate Indonesia could buy oil at $59 per barrel from Russia

Jakarta (ANTARA) - Energy expert from Padjadjaran University (Unpad) Yayan Satyakti assesses that Indonesia could obtain oil at a price of $59 per barrel from Russia, which is cheaper than the global oil price. Currently, the global oil price is around $100 per barrel, driven by the war between the United States (US)-Israel against Iran. “That’s correct. Even at normal prices, around $60–70 per barrel, Russian oil remains cheaper at about $59 per barrel,” Yayan stated when contacted by ANTARA from Jakarta on Tuesday. Yayan explained that after Western countries imposed sanctions and embargoes on Russian oil since 2022, the price of Russian oil reached $25 per barrel in 2025. At present, with the closure of the Strait of Hormuz due to the war between the US-Israel and Iran, the global oil price has surged further to around $100 per barrel. It even briefly touched $116 per barrel. “If we look at it based on revenue assumptions, the Russian government sets the oil price at $59 per barrel,” Yayan said. Furthermore, Yayan explained that if Indonesia buys oil from Russia with logistics costs of around 30% of the oil price, the total price would be in the range of $76.7–80 per barrel. This price already includes logistics costs.