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Global Oil Prices Fall, Will Indonesian Oil Prices Follow Suit?

Adi Ahdiat 27/09/2022 10:00 WIB

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From January 2020 to July 2022, the price trend of Indonesian crude oil consistently followed the global price trend.

Average Monthly Brent Crude Oil and Indonesian Crude Price (January 2020 - August 2022)

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Average Monthly Brent Crude Oil and Indonesian Crude Price (January 2020 - August 2022)

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According to World Bank data, the average monthly Brent crude oil price has shown a downward trend since the beginning of the third quarter of 2022.

Brent is the global benchmark crude oil price used by the Organization of the Petroleum Exporting Countries (OPEC), an organization of oil-exporting countries from the Middle East, Africa, and the Americas.

The average monthly Brent crude oil price experienced an upward trend since May 2020, reaching its highest level of US$120.08/barrel in June 2022.

After that, the Brent price continued to decline, averaging US$98.6/barrel in August 2022.

Indonesia's crude oil price benchmark, the Indonesian Crude Price (ICP), always follows world prices.

During the period from January 2020 to July 2022, the ICP consistently remained close to the Brent benchmark price. Its movement trend was virtually identical, as shown in the graph.

Unfortunately, as of today (September 27, 2022), the Ministry of Energy and Mineral Resources (ESDM) has not yet released the August 2022 ICP price, so the latest available ICP data is only up to July 2022.

Nevertheless, historically, the August 2022 ICP price is predicted to have fallen in line with the decline in global crude oil prices.

*Editor's Note: The graph data in this article has been updated after the Ministry of ESDM released the August 2022 ICP data on September 29, 2022.*

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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Global Oil Prices Fall, Will Indonesian Oil Prices Follow Suit?

Global Oil Prices Fall, Will Indonesian Oil Prices Follow Suit?

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Global Oil Prices Fall, Will Indonesian Oil Prices Follow Suit?

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