Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

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Adi Ahdiat 05/12/2022 13:00 WIB

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Indonesia's Crude Price (ICP) averaged US$87.5 per barrel in November 2022, down US$1.6 per barrel from the previous month.

Average Monthly Indonesian Crude Price (ICP) (January 2020 - November 2022)

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Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

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Average Monthly Indonesian Crude Price (ICP) (January 2020 - November 2022)

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The average Indonesian Crude Price (ICP) reached US$87.5/barrel in November 2022, down US$1.6/barrel from the previous month.

According to the Ministry of Energy and Mineral Resources (ESDM), this price decrease was influenced by the increase in the United States Federal Reserve's interest rate, which strengthened the US dollar and weakened investor interest in the commodity market.

The Ministry of ESDM also stated that the ICP decline was influenced by the impact of protests against China's Zero-Covid policy.

"This situation (Zero-Covid protests in China) caused market concerns about a decline in economic and industrial activity, as well as a decrease in crude oil consumption in the world's largest crude oil consumer," said the Ministry of ESDM in its press release on Thursday (1/12/2022).

"Based on OPEC's November 2022 report, there was a revised downward projection of global crude oil demand for 2022 by 100,000 barrels per day to 99.57 million barrels per day compared to the previous month's projection," said the Ministry of ESDM.

"According to IHS Markit's November 2022 report, there was a revised downward projection of global crude oil demand for 2022 by 200,000 barrels per day to 99.4 million barrels per day compared to the previous month's projection," it continued.

The weakening of the ICP in November 2022 coincided with a decline in Dated Brent, West Texas Intermediate (WTI), Brent (ICE), and OPEC Basket global oil prices.

"In addition to these factors, for the Asia-Pacific region, the decline in crude oil prices was also influenced by an increase in China's oil product export quotas, indicating a surplus in crude oil stocks due to weakening crude oil demand in that country," said the Ministry of ESDM.

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."

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Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

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Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

Indonesia's Oil Price Falls to US$87.5 per Barrel in November 2022

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4.82% of Situbondo Regency Residents Have Higher Education by End of 2024

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Average Length of Schooling in Bekasi City Reaches 12.11 Years in 2025

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