January ICP USD 56.55 per barrel

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07/02/2019 04:34 WIB

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The January ICP (Indonesia Crude Price) of USD 56.55 per barrel increased in line with the rise in crude oil prices on the international market, following an OPEC report citing reduced oil production

Indonesia Crude Price (ICP) (Jan 2015-Jan 2019)

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January ICP USD 56.55 per barrel

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Indonesia Crude Price (ICP) (Jan 2015-Jan 2019)

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The Ministry of Energy and Mineral Resources announced this week that the Indonesian Crude Price (ICP) increased in January 2019 compared to December 2018 (USD 54.81 per barrel), reaching USD 56.55 per barrel, or an increase of USD 1.74 per barrel.

The price of national oil, Sumatera Light Crude (SLC), also increased to USD 57.46 per barrel. SLC rose by USD 1.83 per barrel from December's price of USD 55.63 per barrel.

The Ministry of Energy and Mineral Resources (ESDM) oil price team stated that the increase in ICP and SLC prices is in line with the increase in major crude oil prices in the international market in January 2019 compared to the previous month.

During this period, Dated Brent rose by USD 2.07 per barrel from USD 57.39 per barrel to USD 59.46 per barrel. Brent (ICE) increased by USD 2.57 per barrel from USD 57.67 per barrel to USD 60.24 per barrel.

Meanwhile, WTI (Nymex) rose by USD 2.57 per barrel from USD 48.98 per barrel to USD 51.55 per barrel. The OPEC Basket increased by USD 1.68 per barrel from USD 56.94 per barrel to USD 58.62 per barrel.

This increase in global crude oil prices was influenced by a report from the Organization of the Petroleum Exporting Countries (OPEC) which noted a decrease in oil production from OPEC and non-OPEC countries of 1.27 million barrels per day (bpd) effective January 2019, and a decrease in global crude oil supply in December 2018 of 350,000 bpd.

"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."