ICP Increased to US $ 57.58 Per Barrel

JAKARTA – Indonesia or Indonesian Oil prices Crude Price (ICP) in April 2015 rose to US $ 57.58 per barrel.

Quoted on the website of the Ministry of Energy, on Wednesday (05/06/2015), based on the calculation formula ICP, an increase of US $ 3.92 per barrel from US $ 53.66 per barrel to US $ 57.58 per barrel. While the price of Minas / SLC rose by US $ 5.73 per barrel from US $ 54.19 per barrel to US $ 59.92 per barrel.

The increase in the price of Indonesian crude oil, in line with developments in crude oil prices in the main international markets, which is caused by several factors, namely:

1. Air strikes by coalition led by Saudi Arabia to Yemen increased risk of geopolitical and disruption of shipments of crude oil in the Middle East.
2. Based on the publication of OPEC (Organization of the Petroleum Exporting Countries) in April 2015, global crude oil demand forecast in 2015 showed an increase compared to the previous month projection, in which OPEC revised its forecast of global crude oil demand in 2015 amounted to 92.45 million barrels per day, up0.08 million barrels per day compared to the previous month’s projection.
3. Based on OPEC publication in April 2015, the number of drilling rigs in the North American region in the month of March 2015 decreased to 402 pieces compared to the month of February 2015 into a number of 1372 rigs.
4. Based on the publication of the EIA (Energy Information Administration) -USA, US gasoline stock levels in April 2015 decreased by 1.6 million barrels to 227.5 million barrels compared with the month of March 2015.
5. The weakening of the US dollar exchange rate compared to some other major currencies.

For the Asia Pacific region, in addition to the increase in crude oil prices caused by these factors, also affected by the increase in demand for crude oil and condensate from Japan due to the addition of capacity at the refinery JX Nippon Oil & Energy Co. and the increasing demand of diesel and gasoil products in China.

Learn average price development of major crude oil in the international market in April 2015 than in March 2015 in general has increased, as follows:

1. WTI (NYMEX) rose by US $ 6.77 per barrel from US $ 47.85 per barrel to US $ 54.63 per barrel.
2. Brent (ICE) rose by US $ 4.20 per barrel from US $ 56.94 per barrel to US $ 61.14 per barrel.
3. Basketball OPEC rose by US $ 4.60 per barrel from US $ 52.46 per barrel to US $ 57.06 per barrel.