Middle East Economic Survey
VOL. XLVII
No 34
23-August-2004
BUDGETS AND REVENUES
Indonesia Revises Budget Oil Price To $34/B As Fuel Subsidies Squeeze Government Finances
The Indonesian Government has revised its budget oil price assumption for 2004 sharply upwards from $22/B to $34/B, in stark contrast to the Gulf oil producers, which resolutely cling to overly conservative price assumptions. The Indonesian Crude Price (ICP), set by the government for long-term sales contracts to the international...
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