Middle East Economic Survey
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...