For Indonesia to continue to develop its oil and gas resources and to step back into the role of a true net exporting country and replace their position in OPEC this is a pretty important deal for them to close.
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Since mid-2004, the government refinery-gate reference price has diverged from import parity economics. The gap has been rising ever since.Kurt Barrow
I think OPEC realizes that China is an extremely important customer moving forward. This is about relationship building.
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These people are receiving a return that is commensurate with the risks. What's going on is a concern for foreign investors and we're seeing maybe a bit of resurgence in unrest.
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At the end of the day, the Middle East is going to be China's premium source of supply for crude.
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Oil markets have been a bit irrational in the past week or two with long-term supply concerns affecting short-term prices. Iranian oil exports are unlikely to ever be restricted and certainly not anytime soon.
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