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Jokowi orders ministries to crunch numbers on plunging oil prices

first_imgPresident Joko “Jokowi” Widodo has ordered his ministers to calculate the impact of plunging global crude oil prices on Indonesia’s economy so as to “make use of this momentum and opportunity’.Jokowi gave the order on Wednesday, March 18, a week after several ministries announced their attitudes toward the low prices. He told Cabinet members to calculate the impact of the plunge on subsidized and unsubsidized fuel prices and how long it might last.“We have to make use of this opportunity,” he said during a live-broadcast Cabinet meeting. Global crude oil prices dropped early last week after Saudi Arabia, the world’s top oil exporter, slashed its selling prices and set plans to increase production in punishing rival oil producer, Russia. The Middle Eastern country effectively triggered a price war between oil exporting countries. Read also: ‘We have many tanks to fill’: Indonesia to make the most out of globally low oil pricesAs a result of the war, international oil price benchmark Brent reached US$26.17 per barrel as of 5:40 p.m. Thursday, the lowest since 2003, and close to a third of its peak price this year at $68 per barrel on Jan. 6.In response to plunging prices, Indonesia’s Energy and Mineral Resources Ministry announced plans to increase oil imports while the country’s Finance Ministry announced it would monitor the potential impact of the plunge on the state budget.Lower crude prices and reduced oil and gas industry activity is a risk to the state budget as the industry is expected to contribute 35.4 percent – equal to Rp 127.3 trillion ($8.85 billion) – to Indonesia’s non-tax state revenue this year.Topics :last_img read more

SaarLorlux Open: Lakshya Sen Overcomes Weng Hong to Win His 2nd Straight Super 100 Title

first_img Get the best of News18 delivered to your inbox – subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what’s happening in the world around you – in real time. Saarbrucken (Germany): India’s Lakshya Sen bagged his second successive BWF World Tour Super 100 title with a thrilling win over China’s Weng Hong Yang in an exciting final at the SaarLorLux Open here on Sunday.Lakshya, seeded eighth, needed 59 minutes to overcome Weng 17-21, 21-18, 21-16 in the summit clash for his third successive singles title of the season. He had clinched the Belgian International challenge and Dutch Open Super Tour 100 in his last two outings. He had also reached the Polish Open final this year.World number 51 Sen, who has won the Asian Junior championship, a silver at the Youth Olympics and a bronze at World Junior Championship last year, continues to impress on the senior circuit.The 18-year-old from Uttarakhand had come into the final with a 1-2 head-to-head record against the Chinese but it didn’t matter as he rallied his way after squandering the first game to complete a thrilling win here.After this win, Lakshya is set to break into the top 50 when the BWF rankings are released on Tuesday.Lakshya had a good start as he was leading 14-11 but he couldn’t sustain the pressure on his opponent who turned the tables to win the opening game.Stung by the reversal, Lakshya jumped to a 8-4 lead in the second game. The Indian quickly moved to 13-6. Weng reduced it to 10-14 but Lakshya managed to stay ahead of his rival and take the match into the decider.In the third game, Lakshya fell behind 5-7 but managed to claw back at 10-10 before Weng moved to a 16-13 lead.A fighting Lakshya then stepped on the gas and reeled off the remaining eight points to leave his rival stranded.Lakshya is likely to participate in two International Challenge events, the Irish Open (November 13-16) and Scottish Open (Nov 21-24) — before featuring in the Syed Modi International Super 300 (Nov 26-Dec 1). badmintonBWF World TourLakshya SenSaarLorLux Open First Published: November 3, 2019, 11:00 PM ISTlast_img read more

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