Global Oil Prices Are Like 'Someone Suffering From Malaria,' Says Bahlil

August 19, 2026 | 05:34 pm

TEMPO.CO, Jakarta – Energy and Mineral Resources Minister Bahlil Lahadalia said global crude oil prices remain highly volatile, with disruptions in the Strait of Hormuz affecting supplies to international markets.

Bahlil said the sharp rise in oil prices had been driven in part by the conflict around the Strait of Hormuz, a key shipping route that handles about 20 percent of global oil supplies.

“I would describe global oil prices like someone suffering from malaria. They can fall in the morning and rise at night, fall for three days and rise for seven days,” Bahlil said during his opening remarks at the 12th Indonesia International Geothermal Convention & Exhibition at the Jakarta Convention Center on Wednesday, August 19, 2026.

According to Bahlil, oil prices have fluctuated depending on developments and narratives surrounding the conflict, including the opening and closure of shipping routes through the strait.

Indonesia, he said, has also been affected by the volatility and is seeking to strengthen its energy independence as a sovereign nation.

Data from Trading Economics showed Brent crude was trading at around US$90 per barrel on Wednesday. The price had fallen from US$114.44 per barrel on May 4, 2026, following the outbreak of the Israel-US war with Iran in late February. Brent crude briefly fell to around US$71 per barrel in early July.

Indonesia Seeks Alternative Energy Sources

Bahlil said President Prabowo Subianto had instructed his administration to pursue new breakthroughs in alternative energy sources.

The government is also seeking to fulfill Indonesia's international commitments under the Paris Agreement, including its goal of achieving net-zero emissions by 2060.

“Indonesia will remain consistent in implementing what has been agreed upon under the Paris Agreement,” Bahlil said.

The government plans to develop solar power plants with a combined capacity of 100 gigawatts (GW) over the next several years. Of that total, 30 GW is targeted for development this year.

The projects are expected to help meet Indonesia's electricity needs while reducing the country's reliance on imported fuel.

Indonesia currently consumes about 1.6 million barrels of fuel per day, while domestic oil production stands at only around 600,000 to 610,000 barrels per day, Bahlil said.

“We must immediately minimize [our dependence on imports] as we move toward energy sovereignty,” he said.

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