Indonesia Considering Cheap Russian Oil

Indonesia is considering importing Russian oil as it makes efforts to tame domestic energy prices according to the country’s President Joko Widodo speaking with the Financial Times.

• "We always monitor all of the options. If there is the country and they give a better price, of course. There is a duty for the government to find various sources to meet the energy needs of their people. We want to find a solution," he said.
• According to energy consultant Rystad Energy, from March to May, countries in the Asia-Pacific region scaled up imports of Russia’s Urals blend by 4.5 times in annual terms.
• Russia has faced difficulties rerouting gas and oil products but cheap Russian oil has proved much easier since the invasion took place. Asian demand for Russian oil makes the prospect of a G7 oil price cap unlikely to work effectively – something the US and Europe have said over the weekend would require more support.