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Global Supply Down, Indonesian Crude Oil Prices Strengthen in April 2023

Adi Ahdiat 02/05/2023 16:03 WIB

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Indonesia's Crude Price (ICP) in April 2023 reached USD 79.34 per barrel. This price is higher than in March 2023, but still lower than a year ago.

Average Indonesian Crude Price (ICP) per Month (January 2019 - April 2023)

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Global Supply Down, Indonesian Crude Oil Prices Strengthen in April 2023

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Average Indonesian Crude Price (ICP) per Month (January 2019 - April 2023)

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According to the Ministry of Energy and Mineral Resources (ESDM), Indonesia's crude oil price, or Indonesian Crude Price (ICP), reached USD 79.34 per barrel in April 2023.

This price increased by 6.4% compared to the previous month (month-on-month/mom), but remained 29.2% lower than a year ago (year-on-year/yoy).

Mid-last year, the ICP surged to USD 117.62 per barrel, impacted by the Russia-Ukraine war, which caused an energy supply crisis in many countries.

However, since July 2022, the ICP has gradually decreased, in line with the correction in global crude oil prices.

According to the Ministry of ESDM, the increase in crude oil prices in April 2023 was partly influenced by the policy of the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

In early April 2023, OPEC+ announced it would further cut crude oil production, totaling 3.66 million barrels of oil per day (BOPD). This cut in production volume is approximately 3.7% of global crude oil demand.

"The IEA (International Energy Agency) in its April 2023 report stated that global crude oil supply fell by 400,000 BOPD due to production cuts by several producers in May," said the Ministry of ESDM in its press release on Thursday (2/5/2023).

"The report on the number of US oil rigs from Baker Hughes, which is an indicator of potential oil supply, reached its lowest level since June 2022," it added.

Amidst this low supply, global oil demand increased.

"Oil demand in non-OECD (Organisation for Economic Co-operation and Development) countries was revised upwards, due to better-than-expected economic activity," said the Ministry of ESDM.

"The IEA in its April 2023 report stated that global crude oil demand in 2023 grew by 2 million BOPD, reaching 101.9 million BOPD, a record high driven by the recovery of Chinese oil consumption," it continued.

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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Global Supply Down, Indonesian Crude Oil Prices Strengthen in April 2023

Global Supply Down, Indonesian Crude Oil Prices Strengthen in April 2023

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