TheJakartaPost
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The government and BI need to prepare a carefully considered contingency plan to prevent a rupiah free fall in the event that escalation in the Iran-Israel conflict disrupts the global oil market and trade routes.
Further escalation in the Middle East conflict could pose multi-layered economic risks to Indonesia, ranging from further capital outflows to weaker gross domestic product (GDP) growth, according to analysts and some former government officials.
OPEC predicted robust fuel use in the summer months on Thursday and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength.
West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand amid skepticism that the OPEC + coalition's efforts will meaningfully restrain supply.
Asian stock markets started the last month of the year on a cautious note after recent strong gains, though growing expectations Europe and the US are poised to cut rates should help ease pressure on local currencies and central banks.
