Indonesia Energy Corporation Limited shares fall 2.88% in premarket due to decreased oil production and revenue, and global oil supply concerns.

Indonesia Energy Corporation Limited plunged 2.88% in premarket trading, due to a 22.74% year-over-year decline in oil production to 45,287 barrels and a 24.34% decrease in revenue to $2,667,508 for 2024, primarily caused by excessive maintenance and natural depletion at the K-27 oil well, as well as a slight drop in oil prices. Additionally, the Indonesian renewable energy sector fell 4.9% over the past week, with Barito Renewables Energy leading the decline by 5.1%, potentially dragging down the sector. Tensions in the Middle East have also raised concerns about global oil supply disruptions, leading to a 3.8% drop in INDO stock on June 23 and further premarket declines of 24% on the same day, with trading volume reaching $251.65 million.