April 14, 2026 | 04:25 pm
TEMPO.CO, Jakarta - Yayan Satyakti, a lecturer at the Faculty of Economics and Business at Padjadjaran University (Unpad), believes that Indonesia could purchase crude oil from Russia for US$59 per barrel. This price is lower compared to the Brent crude oil price, which is around US$100 after the United States and Israel declared war on Iran.
"Even at normal prices, around US$60-70 per barrel, Russian oil is still cheaper, approximately US$59 per barrel," said Yayan, as quoted by Antara on Tuesday, April 14, 2026.
He explained that after Western countries imposed an embargo on Russia in 2022, the price of Russian oil reached US$25 per barrel in 2025. According to Yayan, this price is lower than the oil prices from the Middle East, which range from US$60-70 per barrel. "If we look at the revenue assumptions, the Russian government sets the oil price at US$59 per barrel," said Yayan.
Furthermore, Yayan mentioned that if Indonesia purchases oil from Russia with a logistics cost of around 30 percent, the price would be in the range of US$76.7-80 per barrel. This price already includes the logistics costs.
As a result, the cost of buying oil from Russia is approximately 31-51 percent cheaper than the world oil price of US$116 per barrel. "More efficient, or even cheaper than that if the lobby between President Prabowo and President Putin is successful," said Yayan.
Previously, Minister of Energy and Mineral Resources Bahlil Lahadalia conveyed the meeting between Indonesian President Prabowo Subianto and Russian President Vladimir Putin discussing energy cooperation for national interests.
This cooperation includes developing oil refineries, strengthening oil trade, and increasing energy technology utilization. "In the long term, Indonesia also opens opportunities for collaboration in the clean energy sector. This is an effort aimed at supporting energy diversification," said Bahlil.
Read: Prabowo Seeks Putin's Input on Global Geopolitical Uncertainty
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