Indonesia's Oil Price Falls Below US$100/Barrel in August 2022

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Adi Ahdiat 04/10/2022 11:00 WIB

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Indonesia's Crude Price (ICP) fell below US$100/barrel in August 2022, averaging US$94.17/barrel.

Indonesia Crude Price (ICP) (January 2020 - August 2022)

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Indonesia Crude Price (ICP) (January 2020 - August 2022)

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Indonesia's crude oil price, or Indonesian Crude Price (ICP), fell below US$100/barrel in August 2022, averaging US$94.17/barrel.

This was reported by the Ministry of Energy and Mineral Resources (ESDM) in its *Report on Oil and Gas Production, Oil and Mineral Prices, and the Electricity System*, released on September 29, 2022.

Previously, the ICP had risen since the beginning of the year, consistently remaining above US$100/barrel from March to July 2022, as shown in the graph.

However, the price has now fallen, in line with the decline in Brent crude oil prices. Brent, the global benchmark for crude oil prices, also stood at US$98.6/barrel in August 2022, down from the previous month when it was still above US$100/barrel.

Historically, over the past two years, the movement of the ICP has been identical to the trend of Brent prices. When Brent prices rise, the ICP follows suit, and vice versa.

The United States government had projected that global oil prices would decline starting in the third quarter of 2022 until the end of next year.

Editor : Adi Ahdiat

"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."

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Indonesia's Oil Price Falls Below US$100/Barrel in August 2022

Indonesia's Oil Price Falls Below US$100/Barrel in August 2022

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