Brent Crude Price Rises, Indonesia's Crude Price (ICP) Follows Suit

05/10/2018 15:39 WIB

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The increase in Brent crude oil prices caused the Indonesian Crude Price (ICP) benchmark for September 2018 to rise by US$ 5.52 (7.96%) to US$ 74.88/barrel.

Monthly Brent and Indonesian Crude Price (ICP) (2016-Oct 2018)

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Brent Crude Price Rises, Indonesia's Crude Price (ICP) Follows Suit

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Monthly Brent and Indonesian Crude Price (ICP) (2016-Oct 2018)

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Commodity market players' concerns about the global supply of crude oil have driven up Brent crude oil prices, which briefly surpassed US$85/barrel. This has resulted in a corresponding increase in Indonesia's Crude Price (ICP), as the average ICP calculation uses Brent crude oil prices as a benchmark.

Data from the Ministry of Energy and Mineral Resources (ESDM) recorded the average ICP reference price for September 2018 increased by US$5.52 (7.96%) to US$74.88/barrel. With Brent crude oil prices exceeding US$85/barrel, Indonesia's oil prices are expected to rise further this month. The sanctions imposed on Iranian oil exports by the United States have triggered the increase in global crude oil prices.

Brent crude oil prices have risen 27% this year, while ICP prices have increased by 22.96%. This increase in crude oil prices has directly impacted the Indonesian Rupiah exchange rate. The rising oil prices are expected to widen the trade deficit in the oil and gas sector, as Indonesia's increasing solar imports will further drain state reserves.

"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."