Jakarta. Massive energy imports from ASEAN neighbors Singapore and Malaysia have caused Indonesia to slip into the red for the first time in 6 years.

Indonesia failed to keep its 72-month trade surplus run in May 2026, even registering a deficit of a whopping $1.61 billion. The official statistics agency BPS attributed the loss to Indonesia’s deficit in oil and gas trade, which totaled $3.76 billion in May. Inflows of foreign crude and oil products had also driven up the deficit. The body’s deputy, Ateng Hartono, told reporters on Wednesday that Indonesia had primarily been buying its oil and gas commodities from Singapore in the first five months of this year, amounting to $5.1 billion.

“That’s about 29.38% of the total oil and gas imports. Followed by Malaysia at $3.6 billion with a 20.54% share,” Ateng said in Jakarta.

US imports came in third place at $1.4 billion. This made up 8.28% of the oil and gas commodities that Indonesia had bought. 

“There are no shifts in which country supplies our oil and gas compared to last year. However, we notice that Brazil is now our fourth largest source for crude,” Ateng explained.

He did not expand on how much Brazilian crude had entered the country over the said period.

The overall oil and gas imports from January to May hit the $17 billion mark. They came in at $4.51 billion in May alone.

Indonesia’s ageing refineries leave the country no choice but to tap into foreign supplies of refined fuels. 

To cut imports, President Prabowo Subianto is also seeking to instill higher palm oil content in its conventional diesel in a move better known as the B50. The number represents the 50% palm oil blend, which is a 10% increase from the previous mandate.

Energy Ministry spokeswoman Dwi Anggia had told the state news agency Antara on the same day that Prabowo would officially launch the B50 mandate within this month.

“All sectors are ready to implement the B50,” Dwi said, while adding that the B50 road tests on different types of vehicles had yielded positive results.

Estimates by the government say the foreign reserves savings from implementing B50 in lieu of imports can reach up to Rp 157.28 trillion ($8.7 billion) this year. The imports and the B50 plan also came amidst skyrocketing global energy prices in the aftermath of the US-Iran war. Tehran has blocked the Strait of Hormuz, the narrow waterway that handles a quarter of global seaborne oil trade.

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