Indonesia Crude Price (ICP) Rises Above US$60 per Barrel

The Ministry of Energy and Mineral Resources (ESDM) released the average Indonesian Crude Price (ICP) reference price at US$ 60.84 per barrel. The September 2019 ICP price increased by US$ 3.57 per barrel, or 6.23%, from the previous month's US$ 57.27 per barrel. The Duri main oil price was recorded at the highest level, reaching US$ 67.88 per barrel.

The increase in Indonesia's crude oil price was triggered by plans to extend production cuts from oil exporting countries (OPEC) and non-OPEC members. This is scheduled to be discussed in December 2019.

(Read Databoks: [Inilah Sensitivitas Kenaikan Harga Minyak terhadap RAPBN 2020](https://databoks.katadata.co.id/datapublish/2019/09/06/inilah-sensitivitas-kenaikan-harga-minyak-terhadap-rapbn-2020))

The temporary improvement in the US-China trade war and the reduced number of oil rigs used globally in August influenced last month's oil price. The impact of the attack on Saudi Aramco's oil facilities also served as a positive catalyst for the ICP increase above US$ 60 per barrel.