Indonesia

Indonesia faces low risk, despite being a net oil importer at 60% dependency, thanks to its partial domestic production and low Hormuz exposure. Gasoline prices are subsidized at $0.78/L, but these subsidies, primarily through Pertamina, are under severe strain due to the $91.87/bbl Brent crude price. With 95 days of oil reserves, the country has reasonable resilience, though the fiscal burden of subsidies is a growing concern. The coming weeks will likely see continued government efforts to manage subsidy costs and potential adjustments to domestic fuel prices.