Indonesia gets first Russian oil shipment to shore up reserves amid Hormuz blockade
JAKARTA: Indonesia has received its first shipment of Russian crude oil as part of a deal to import up to 150 million barrels to stock up national reserves in the wake of shortages in Asia due to the closure of the Strait of Hormuz.
Southeast Asia’s biggest economy imported about 60 percent of its fuel needs last year, with around 20 percent coming from the Middle East.
Jakarta has been working to secure alternative supply sources in the wake of the US-Israeli war on Iran, which has caused major disruptions to global energy shipments from the Gulf.
Indonesia and Russia struck the oil supply deal in April, after they agreed to expand energy security cooperation following a meeting between President Prabowo Subianto and Russian President Vladimir Putin in Moscow.
