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The average Indonesian Crude Price (ICP) has shown a positive trend for three consecutive months. The average ICP was recorded at US$61.96 per barrel in April 2021 and then increased to US$65.49 per barrel in May 2021.
The increase in the Indonesian crude oil price continued in June 2021, reaching US$70.23 per barrel. This upward trend continued into July, reaching US$71.17 per barrel.
Several factors contributed to the ICP increase, which also coincided with a rise in global benchmark crude oil prices. Firstly, increased oil demand, as reported by the Organization of the Petroleum Exporting Countries (OPEC), revised its forecast for oil demand in Q3 2021 upward from 60,000 barrels per day to 98.19 million barrels per day.
Secondly, there was a surge in gasoline demand in the United States (US), from 152,000 barrels per day in June 2021 to 9.3 million barrels per day in July 2021.
Finally, positive sentiment stemmed from the improving US economy. This is evident in the projected economic growth of 7.4% in 2021, up from 3.5% in 2020.
"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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