Indonesia's Crude Palm Oil (ICP) Reference Price Falls Below US$70/Barrel

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05/09/2018 23:08 WIB

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Indonesia's crude oil price, calculated using the Indonesia Crude Price (ICP) formula, fell below US$70 per barrel for the first time since May 2018.

Indonesian Crude Oil Price Reference (January 2015 - August 2018)

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Indonesian Crude Oil Price Reference (January 2015 - August 2018)

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The average price of Indonesian crude oil, based on the Indonesian Crude Price (ICP) formula, fell below US$70/barrel for the first time in four months. Data from the Directorate General of Oil and Gas, Ministry of Energy and Mineral Resources, recorded the ICP benchmark price in August 2018 falling by US$1.33 (1.87%) to US$69.36/barrel from US$70.68 the previous month. The ICP SLC price experienced the largest decrease, falling by US$2.03 to US$70.02/barrel from US$72.05 the previous month.

The increased supply of crude oil from non-OPEC countries, triggering a decline in major crude oil prices in the international market, also impacted the decrease in the ICP benchmark price. Data from the International Energy Agency (IEA) shows a projection of crude oil supply from non-OPEC countries increasing by 2 million barrels/day in 2018 to 59.9 million barrels/day.

Furthermore, the increase in non-OPEC oil supply was also driven by the rise in US crude oil reserves, a consequence of the price increase from the previous month, thus encouraging increased shale gas production.

"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."