US Oil Production Surpasses Saudi Arabia
12 February 2015 22:54 WIB
TEMPO.CO, Jakarta - Fauzi Ichsan, economic expert and Commissioner of the Indonesia Deposit Insurance Corporation (LPS), predicted that the United States will achieve energy sustainability by 2030.
Fauzi claimed that the US is on its way to becoming one of the largest oil producing country with a production capacity of nine million barrels of oil per day. "The number exceeds other oil producing countries such as Saudi Arabia," he said.
Given the decreasing oil price and production cost, United States tends to use the opportunity to increase productivity. "Oil price will remain low as OPEC refuses to lower production," Fauzi said.
As for this year, Fauzi said that global oil price will be at a level of US$ 50 per barrel. The decreasing global fuel price has presented an advantage for Indonesia, especially as the country attempts to reduce fuel subsidy. Fauzi added that low fuel price will help to reduce inflation rate.
ANDI RUSLI
