Indonesia, newly admitted to BRICS, plans to begin buying Russian crude as soon as April, the country’s Minister of Energy and Mineral Resources Bahlil Lahadalia announced via ANTARA. The move is driven by Indonesia’s widening supply gap: domestic oil production stands at about 600,000 barrels per day while consumption hits roughly 1.6 million barrels per day, leaving an annual shortfall of roughly 300 million barrels. Lahadalia said Indonesia must diversify its energy sources and deepen cooperation with international partners to meet growing demand. Officials indicate Russia is a prime candidate: Moscow already supplies crude to BRICS heavyweights China and India, and discussions with Jakarta have accelerated since Indonesia joined the bloc. High-level diplomacy has underpinned the shift. Russian President Vladimir Putin met Indonesian President Prabowo Subianto at the Kremlin, where both leaders outlined policy plans to expand bilateral oil and gas trade. “Indonesia is now a member of BRICS, and this opens up new opportunities to develop our cooperation,” Putin said. Russia’s Energy Minister Sergey Tsivilev added that Moscow is prepared to cooperate “particularly in the supply of oil and gas, storage, and electricity, specifically nuclear power stations.” BRICS accounts for roughly 45% of global oil supply, with major producers like Russia and Iran among its ranks. Observers note that if Saudi Arabia were ever to join, the bloc’s share would rise significantly. Indonesian and Russian officials have suggested that an oil procurement agreement could be finalized before the end of the month, with shipments possibly beginning in April. For the crypto and fintech communities, the deal is worth watching: closer energy ties among BRICS members could reinforce incentives to develop alternative trade and payment mechanisms outside traditional Western-dominated systems — a trend that could affect energy pricing, cross-border settlement practices, and the economics of energy-intensive activities like crypto mining. Read more AI-generated news on: undefined/news