Indonesia's Crude Price (ICP) fell to US$102.51 per barrel in April 2022, after reaching a record high of US$113.5 in March 2022.
The Indonesian Crude Price Team attributes this price decline to several factors.
Firstly, the agreement among International Energy Agency (IEA) member countries to release oil reserves of 1 million barrels per day for 6 months starting May 2022.
Secondly, the lockdowns in major Chinese commercial centers, such as Shanghai and Beijing, are also considered to have contributed to the price decrease. China's strict Covid-19 policies are believed to have impacted the manufacturing industry and port operations.
Previously, the ICP had shown a continuous increase since the beginning of 2022.
The ICP was recorded at US$85.89 per barrel in January 2022, then rose to US$95.72 per barrel in February 2022, and reached US$113.5 per barrel in March 2022, its highest level since 2013.
(See also: US Leads IEA Emergency Oil Reserve Release)