Indonesian crude oil price soars to US$117.62 per barrel, the highest since 2012.
- A Small Font
- A Medium Font
- A Bigger Font
The Ministry of Energy and Mineral Resources (ESDM) set the average Indonesian Crude Price (ICP) at $/barrel in June 2022. This ICP increased by US$8.01 per barrel from US$109.61 per barrel in May 2022.
This ICP is also the highest since April 2012. At that time, the ICP was set at US$124.63 per barrel.
The Indonesian Crude Oil Price Team stated that the price increase was due to uncertainty in the global crude oil supply because of the OPEC+ inability to meet its production quota target.
This failure to meet the quota target was caused by a lack of investment in oil, sanctions imposed on Russia, decreased production from Libya, Ecuador, and Nigeria, and UAE and Saudi Arabia production already nearing maximum quota.
In the United States, oil prices began to return to levels below US$100 per barrel in Tuesday's (5/7/2022) local time trading. This oil price decline was due to the threat of recession beginning to haunt the country.
"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."
Related Data
Latest Data Stories
Trending Topics
Popular Data