Jakarta. Indonesia is opening the door to oil supply cooperation with multiple countries, including Russia, as it seeks to protect domestic energy availability and contain price volatility triggered by escalating conflict in the Middle East.

Energy and Mineral Resources Minister Bahlil Lahadalia said the government’s priority is to ensure sufficient energy supply at competitive prices for households and industry, as geopolitical risks threaten global oil flows.

“All countries are possible partners. What matters for us is that supply is available and prices remain competitive,” Bahlil said at his office in Jakarta on Tuesday.

Global oil prices surged more than 2% in early trading on Tuesday, with Brent crude rising to around $102.69 per barrel and US West Texas Intermediate climbing to about $95.92, as markets reacted to renewed risks to shipping routes in the Strait of Hormuz amid tensions involving Iran, Israel, and the United States.

The gains followed a volatile session a day earlier, when oil prices dropped after several vessels managed to pass through the strategic corridor, highlighting ongoing uncertainty in global energy markets.

Bahlil said Indonesia is not limiting its options to specific suppliers, signaling openness to deeper engagement with Russia if it supports national energy resilience. “Why not?” he added.

Read More: Indonesia Prepares Contingency Plan if High Oil Prices Persist

Before the latest escalations, the Indonesian government had already floated a plan to reallocate a portion of what it usually imported from the Middle East to the US. 

Despite rising global prices, the government has so far refrained from adjusting subsidized fuel prices, citing the need to protect consumers’ purchasing power. Bahlil said the state budget remains resilient enough to absorb subsidy pressures for now.

A broader review of energy and fiscal policies is scheduled for the second quarter of 2026, as authorities prepare contingency measures to prevent domestic shortages.

“We will reassess after March. We are not in a position to predict everything, but what’s important is that we plan well,” Bahlil said.

Indonesia’s energy supply remains stable, with fuel, liquefied petroleum gas (LPG) and electricity reserves at safe levels, according to the Energy Ministry. Coal stockpiles for power plants are also within the national minimum threshold, averaging 14 to 15 days of supply.

The government also said it is not planning to implement widespread work-from-home policies to curb energy consumption, unlike some neighboring countries, given the current adequacy of domestic supply and signs of easing geopolitical tensions.

Still, officials are continuing to assess various policy options, including demand-side measures, as global uncertainties persist.

“Some measures are being considered, but we are still evaluating whether work-from-home policies are necessary,” Bahlil said.

Indonesia’s strategy reflects a broader effort to balance energy security with fiscal stability, as policymakers navigate the ripple effects of geopolitical conflict on global commodity markets.