Indonesia cautions world crude oil price hike

Chemical News: Indonesia cautions world crude oil price hike

https://www.chemnet.com Sep 24,2007 Xinhua
JAKARTA, Sept. 22 (Xinhua) -- Indonesian Trade Minister Mari Elka Pangestu has said she would monitor the world crude oil price hike reaching 82 U.S. dollars per barrel as it would have a wide-ranging impact on export commodities and basic necessaries, the Antara news agency reported on Saturday.

"What is more important to caution is about its impact on the world economic growth which may also affect the demand for our export commodities," the minister said on Friday, quoted by the agency.

A change in the price of world crude oil would have an impact on the prices of other commodities like crude palm oil (CPO) and wheat, she said.

Besides, it is predicted that a world crude oil hike will trigger other countries to increase their biofuel production incentives.

However, the trade minister said last year's world crude oil hike was worse, compared with the current 82 U.S. dollars per barrel.

Mari said she will monitor the fluctuating world crude oil price as it has a vast impact.

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