Indonesian Oil Prices Continue to Fall Throughout Q3 2022

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Adi Ahdiat 13/10/2022 11:40 WIB

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With the decline in global oil prices, the Indonesian Crude Price (ICP) also fell throughout the third quarter of 2022.

Average Monthly Price of Indonesian Crude Oil/ICP (January 2020-September 2022)

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Indonesian Oil Prices Continue to Fall Throughout Q3 2022

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Average Monthly Price of Indonesian Crude Oil/ICP (January 2020-September 2022)

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Global oil prices continued to fall throughout the third quarter of 2022. Concurrently, the Indonesian Crude Price (ICP) also decreased during the same period.

According to data from the Ministry of Energy and Mineral Resources (ESDM), the monthly average ICP in June 2022 was still above US$100/barrel. However, starting in July 2022, prices showed a downward trend, reaching US$86.07/barrel in September 2022.

This ICP level is approaching the price at the beginning of 2022, before the outbreak of the Russia-Ukraine war. However, the ICP remains higher than a year ago, when it was only US$72.2/barrel in September 2021.

Based on the Ministry of ESDM's report, the decline in crude oil prices in September 2022 was due to various global factors, ranging from the increase in US Federal Reserve interest rates to market concerns about an economic recession.

"For the Asia-Pacific region, in addition to these factors, the decline in crude oil prices was also influenced by market concerns over projected lower crude oil demand from China due to the zero-Covid policy and lockdowns in several regions of China, as well as routine refinery maintenance in September-October 2022," explained the Ministry of ESDM in its report on Tuesday (4/10/2022).

On the other hand, although the oil price trend has been declining, the International Monetary Fund (IMF) warns of future risks that could push oil prices higher than they are currently.

"Energy prices will remain highly sensitive to the war in Ukraine and the potential for other geopolitical conflicts," stated the IMF in its latest World Economic Outlook, released on Tuesday (11/10/2022).

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."