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18

Indonesia Changes Oil Exports Formula

Indonesia will change the formula it uses to price the country's crude exports

Indonesia, Southeast Asia's biggest oil producer, will change the formula it uses to price the country's crude exports starting July to help boost revenue.

The energy ministry will drop the Asian Petroleum Price Index, which has a 5 percent weight in the formula, and increase the weights of assessments made by oil-pricing services Platts and RIM Intelligence Co. to 50 percent each, Luluk Sumiarso, director general of oil and gas, said by telephone today.

Indonesia, the second-smallest member of the Organization of Petroleum Exporting Countries, wants to increase revenue from oil exports to narrow its budget deficit. Revenue from oil and gas accounted for 31 percent of the country budget last year.

The Asian Petroleum Price Index ``is the component that drags the price away from the market,'' Sumiarso said. ``We want the new formula to reflect better prices,' he said, Bloomberg reported.