Crude Oil Prices Soared to US$85.89 per Barrel in January 2022

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Reza Pahlevi 08/02/2022 11:40 WIB

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The Ministry of Energy and Mineral Resources (ESDM) set the average Indonesian Crude Price (ICP) at US$ 85.89 per barrel in January 2022.

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Crude Oil Prices Soared to US$85.89 per Barrel in January 2022

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Indonesia Crude Price (ICP)

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The Ministry of Energy and Mineral Resources (ESDM) set the average Indonesian Crude Price (ICP) at US$85.89 per barrel in January 2022.

The average crude oil price increased by US$12.53 per barrel from US$73.36 per barrel in December 2021. The ICP also reached its highest point since October 2014.

According to the ESDM report, the ICP increase was influenced by geopolitical dynamics in several countries, such as the situation between Ukraine and Russia. In addition, logistical problems in Kazakhstan and political issues in the United Arab Emirates (UAE) also contributed.

According to the International Energy Agency (IEA), OPEC+ oil production was also 790,000 barrels per day lower than promised. There was a decrease in stocks in the United States and Saudi Arabia.

In the Asia-Pacific region, the flow of crude oil to Singapore increased by 1.4% in January 2022. This also contributed to the increase in the ICP.

Editor : Annissa Mutia

"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."