CHANGES IN DEMAND AND SUPPLY OF THE CRUDE OIL MARKET DURING THE COVID-19 PANDEMIC AND ITS EFFECTS ON THE NATURAL GAS MARKET

As a source of revenue for the state budget and energy (particularly fuel) to drive various sectors life, oil gas industry plays an important role in Indonesian economy. The purpose this study is analyse effect crude prices on natural during Covid19 Pandemic Indonesia. research method used explanatory using real price decomposition introduced recently by Kilian (2009). This develops four variables market through structural vector autoregressive model (SVAR). Based results analysis, hence some evidence found that affects Indonesia combination changes demand not supply Covid-19 pandemic. uncertainty due pandemic has made shift increased as main substitute oil. Meanwhile, affected prices, causing similar fluctuations prices.Keywords: Crude Oil Prices, Natural Gas Demand, Supply JEL Classifications: P41, P28, P43DOI: https://doi.org/10.32479/ijeep.10671