Indonesia's Crude Price (ICP) Falls 10% in June 2019

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Viva Budy Kusnandar 08/07/2019 14:18 WIB

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Indonesia's crude oil price in June 2019 decreased by 10.39% from the previous month.

Indonesia Crude Price (ICP) January 2018 - June 2019

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Indonesia's Crude Price (ICP) Falls 10% in June 2019

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Indonesia Crude Price (ICP) January 2018 - June 2019

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Indonesia's Crude Price (ICP) in June 2019 fell US$7.07/barrel, or 10.39%, to US$61/barrel from the previous month. This decline was the largest in six months. According to a press release from the Ministry of Energy and Mineral Resources (ESDM), the drop in refinery margins in the Asia-Pacific region triggered the ICP decline.

Agung Pribadi, Head of the Public Information, Service, and Cooperation Bureau at the ESDM Ministry, explained that the decline in regional oil prices, the slowing annual growth in global crude oil demand in 2019, and the ongoing uncertainty surrounding the US-China trade war all contributed to the pressure on Indonesian oil prices.

According to Bloomberg data, the price of WTI crude oil for the next month's contract in Asian trading on Monday (July 8, 2019) fell 0.07% to 57.47/barrel. Similarly, the price of Brent crude oil fell 0.02% to US$64.22/barrel.

"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."