Virtual Public Discussion – The Crash of Oil Price: What does it mean for Indonesia?
On Tuesday, 19 May 2020, Foreign Policy Community of Indonesia (FPCI) convened a virtual public discussion on ” The Crash of Oil Price: What Does it Mean for Indonesia?”. The combination of the Coronavirus (COVID-19) pandemic and the oil collapse has created new threats to the economy, along with political instability and poverty in countries reliant on oil sales. The oil price war could be traced back to when OPEC producers tried to negotiate a production cut in line with a global demand slowdown and this condition has led to the oil price crash. With lockdown measures being implemented in 187 countries – bringing mobility to a halt- demand for oil has fallen resulted in the global oil price crash.
This discussion aimed to address the overall events surrounding the global oil sector as the COVID-19 pandemic’s impacts on the oil sector have grown even more perturbing. Since oil is one of the major sectors in Indonesia’s economy, it is important to analyze the effects of the global oil price collapse on Indonesia. The two-hour discussion featured Susilo Siswoutomo, Deputy Minister of Energy and Mineral Resources (2013-2014) & Commisioner of PGN Saka Energi Indonesia; Sandiaga Salahuddin Uno, Indonesian Politician and Businessman; Roberto Lorato, Director & CEO MEDCO Energi; and moderated by Dr. Dino Patti Djalal, Founder of FPCI.