Govt. to sell 7.2 million barrels of oil to market

The government will release 60 percent of its crude oil stock or 7.2 million barrels to the spot market by November of this year at the latest.

Director General for Oil and Gas Evita Herawati Legowo said on Wednesday the move aims to meet the oil sales target set in the revised state budget.

"Today our crude oil stock stands at 12 million barrels, but we cannot release it all. We hope up to 60 percent of the national stock can be released to the spot market,? she said. (godang)