Indonesia's Crude Oil Price Hits Highest Since 2014 at US$95.72 per Barrel

The Ministry of Energy and Mineral Resources (ESDM) set the Indonesian Crude Price (ICP) at US$95.72 per barrel in February 2022. This represents an increase of US$9.83 per barrel from US$85.89 per barrel in January 2022.

The war between Russia and Ukraine has impacted global crude oil supply. This is because Russia is one of the world's largest exporters of energy products.

The ICP also experienced its highest increase since September 2014. At that time, the ICP was set at US$94.97 per barrel.

According to the Ministry of ESDM, the market is concerned that the Russia-Ukraine conflict will cause shortages and distribution disruptions. Russia itself is a major supplier of energy products to Europe.

Russia supplies not only oil, but also gas and coal to European Union countries. According to Eurostat data, 33% of the EU's energy products are imported from Russia.