Indonesia's Crude Oil Price Soars Since January 2016

The average price of Indonesian Crude Price (ICP) has been steadily increasing since January 2016. The April 2018 ICP was recorded at US$ 67.43 per barrel, a US$ 5.56 per barrel increase compared to March 2018's US$ 61.87 per barrel.

According to data from the Ministry of Energy and Mineral Resources (ESDM), the ICP SLC reached US$ 68.39 per barrel, a US$ 5.54 per barrel increase compared to the previous month.

This increase in ICP is in line with the price of major crude oil in the international market. Driving factors include global crude oil demand. Based on OPEC's April 2018 publication, the growth in world oil demand for 2018 has been revised upwards by approximately 30,000 barrels per day compared to the previous month's assessment, reaching 1.63 million barrels per day.

Based on the International Energy Agency's (IEA) April 2018 publication, for the year 2018 as a whole, oil demand is projected to grow by 1.5 million barrels per day. Demand from the Organization for Economic Cooperation and Development (OECD) in the first quarter of 2018 has been revised upwards by 315,000 barrels per day.

The Energy Information Administration (EIA) reported in April 2018 that U.S. distillate fuel oil stocks in April 2018 decreased by 6.3 million barrels compared to March 2018, reaching 122.7 million barrels. U.S. gasoline stocks in April 2018 decreased by 2.8 million barrels compared to March 2018, reaching 236.8 million barrels.