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Indonesia's crude oil price (ICP) saw a slight increase in July 2019 compared to the previous month. The Ministry of Energy and Mineral Resources (ESDM) stated that the ICP in July 2019 was US$61.32 per barrel, a US$0.32 per barrel increase compared to June 2019, which stood at US$61 per barrel.
The ICP increase was influenced by a decrease in OPEC's crude oil production. In June 2019, OPEC's oil production fell by 68,000 barrels per day to 29.8 million barrels, resulting in a rise in global oil prices.
Another factor influencing the ICP increase was the geopolitical escalation in the Middle East. Several issues emerged, including Iran's increased uranium enrichment, considered a violation of the 2015 Nuclear Deal; the seizure of an Iranian tanker in the Strait of Gibraltar by the UK; and the seizure of two British oil tankers in the Strait of Hormuz by Iran. US President Donald Trump's statement that the US Navy had shot down an Iranian drone in the Strait of Hormuz also contributed to the movement of global oil prices.
"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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