Pertamina: High Oil Prices Provide Momentum to Increase Production
PT Pertamina Hulu Energi considers the skyrocketing global oil prices as a momentum for the company to increase production and execute various work plans that were previously postponed.
“For PHE, it’s actually a good time to increase production. Because more and more of our work plans are becoming feasible and more economical,” said Director of Strategic Planning, Portfolio, and Commercial of PT Pertamina Hulu Energi, Edi Karyanto, during a media gathering in Malang, East Java, on Thursday.
Edi explained that the rise in global oil prices has made oil and gas projects that were previously deemed uneconomical now more viable to pursue.
Meanwhile, the current global oil prices for Brent and West Texas Intermediate (WTI) are around $98 per barrel, higher compared to the average oil price in January 2026, where Brent (ICE) was $64 per barrel.
Edi estimated that the average global oil price until the end of the year will be higher compared to the realisation in the first quarter of 2026.
“Going forward until December, it’s likely to be higher than the realisations in January, February, March this year,” said Edi.
Global oil prices had previously dropped sharply by 13-17 percent following the announcement of a two-week ceasefire between the United States and Iran, according to Wednesday (8/4) morning trading data, as reported by Sputnik.
On Tuesday (7/4) night, US President Donald Trump announced that he had approved a bilateral ceasefire for two weeks with Iran.
The US leader noted that Iran had also agreed to ensure the security of shipping in the Strait of Hormuz.
At 00:17, June Brent crude futures fell 12.6 percent from the previous close to $91.92 (approximately Rp1.56 million) per barrel.
This marked the first time since 23 March that Brent fell below $92. Meanwhile, May WTI crude futures dropped 16.6 percent to $94.10 (approximately Rp1.6 million).
However, Israel launched a massive airstrike in the Dahiyeh area, south of Beirut, Lebanon, on Wednesday (8/4).
According to Anadolu correspondent reports, loud explosions were heard and smoke billowed from the area targeted by the Israeli strike.
The attack then caused Brent crude prices to rise again on Thursday (9/4) amid reports from Iranian media and renewed disruptions in the Strait of Hormuz, triggering concerns over global supply and doubts about the US-backed ceasefire.