The Republic of Indonesia is a net exporter of crude oil, with Singapore being one of its key partners in this regard. In addition, Singapore is a major source of fuel oil for Indonesia. According to data from the Indonesia-Statistics (BPS) for 2024, there has been an increase in Indonesian crude oil exports, reaching USD 2,228,458,183 (IDR 36.9 trillion). This represents a 27.39% increase compared to 2023 figures of USD 1,749,296,021 (IDR 28.9 trillion). Meanwhile, in 2024, the export volume increased from 2,844,781,934 kg to 3,620,104,103 kg. The volume of crude oil exports to Singapore was 334,080,868 kg, with a value of USD 219,682,507. In the period from January to December 2024, Singapore was the leading importer of petroleum products, refined (BBM), with a total of 15,072,544,366 kg, valued at USD 11,404,019,938. In December alone, imports reached 1,540,616,003 kg, valued at USD 1,063,198,851.
Minister of Energy and Natural Resources Bahlil Lahadalia stated that Indonesia's total fuel oil imports to Singapore accounted for 50% of the total. Moving forward, the Indonesian government will direct its fuel oil imports to other countries, such as the United States and the Middle East, instead of Singapore.
