Indonesia's Crude Oil Price Increased by 11% in July 2020

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Dwi Hadya Jayani 24/08/2020 17:10 WIB

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The Ministry of Energy and Mineral Resources has set the Indonesian Crude Price (ICP) average at US$40.64 per barrel.

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Indonesia's Crude Oil Price Increased by 11% in July 2020

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Average Indonesian Crude Price (ICP)

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The Indonesian Ministry of Energy and Mineral Resources has set the average Indonesian Crude Price (ICP) at US$40.64 per barrel in July 2020. This figure is up 10.79% from the previous month's US$36.68 per barrel.

This increase is a result of rising global oil prices during June and July, a positive market response to progress in the development of a Covid-19 vaccine. Furthermore, the recovery of economic activity in several countries due to the easing of lockdowns also contributed to the strengthening of oil prices.

Editor : Aria W. Yudhistira

"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."