On October 10, 2024, in Jakarta, Indonesian President Prabowo Subianto expressed concerns regarding escalating geopolitical tensions in the Middle East, which could significantly impact global oil prices. He highlighted Indonesia's current status as a net importer of crude oil, emphasizing the need for the country to achieve energy self-sufficiency to avoid dependency on foreign fuel imports during crises.
President Prabowo raised alarms about the potential for Israel to target Iranian oil fields following recent attacks from Iran. He warned that such actions could provoke retaliatory strikes on oil and gas facilities belonging to U.S. allies, including Saudi Arabia, Kuwait, and Bahrain, leading to skyrocketing oil prices.
In response to these concerns, Prabowo advocated for the development of alternative energy sources, particularly biofuels derived from palm oil, suggesting that Indonesia could produce gasoline from palm oil, thereby reducing reliance on traditional fossil fuels.
This situation underscores the interconnectedness of global energy markets and the need for countries to prepare for potential disruptions stemming from geopolitical conflicts.