How is the Indonesian Crude Oil Price Trending?

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Dwi Hadya Jayani 30/07/2020 12:46 WIB

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Indonesia's Crude Price (ICP) in June 2020 was US$36.58 per barrel.

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How is the Indonesian Crude Oil Price Trending?

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Indonesia Crude Price (ICP)

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Indonesia's Crude Price (ICP) in June 2020 reached US$36.58 per barrel. This figure is up 42.89% compared to the previous month, which was US$25.67 per barrel. This increase was due to the OPEC+ agreement to continue production cuts by 9.7 million barrels of oil per day until July 2020.

Furthermore, Russia's crude oil exports in June 2020 reached their lowest level in 10 years. The estimated production of crude oil from non-OPEC countries in 2020 decreased slightly by 3,800 barrels per day compared to the May 2020 estimate. The increase in international crude oil prices was also caused by the Energy Information Administration (EIA) report on the decrease in US gasoline stocks in June 2020 by 2.5 million barrels compared to May 2020.

Finally, the increase in the US and several European countries' purchasing managers' index (PMI) boosted positive market sentiment regarding global economic recovery.

Editor : Safrezi Fitra

"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."