Amidst Growing Concerns, Indonesian Oil Prices Rise Again in October 2022

Economics & Macro

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Adi Ahdiat 03/11/2022 12:20 WIB

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Indonesia's Crude Price (ICP) has started to rise again after declining throughout the third quarter of 2022.

Average Indonesian Crude Price (ICP) per Month (January 2020-October 2022)

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Amidst Growing Concerns, Indonesian Oil Prices Rise Again in October 2022

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Average Indonesian Crude Price (ICP) per Month (January 2020-October 2022)

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Indonesia's crude oil price (ICP) has started to rise again after declining throughout the third quarter of 2022.

The Ministry of Energy and Mineral Resources (ESDM) reported that the average Indonesian crude oil price in October 2022 reached US$89.10/barrel, a US$3.03/barrel increase compared to the previous month. This ICP increase follows the global oil price trend, which also rose during the same period.

"Several factors influencing the increase in the price of major crude oil in the international market include market concerns about a shortage of global crude oil supplies following the OPEC+ announcement of supply cuts," stated the Ministry of ESDM in its press release on Wednesday (November 2, 2022).

"Coupled with the planned imposition of sanctions on Russian oil, this is expected to tighten supplies towards the end of the year," it continued.

Last month, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced they would cut oil production by 2 million barrels per day starting November 2022. On the other hand, IHS Markit projects that global oil demand will increase by 300,000 barrels per day.

The U.S. Energy Information Administration (EIA) views this as potentially driving an upward trend in oil prices until next year.

"Potential disruptions to oil supplies, as well as lower-than-expected crude oil production growth, could push oil prices higher," said the EIA in its October 2022 Short-Term Energy Outlook report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."