Extending Restrictions on OPEC Crude Oil Production Affects ICP Rise Throughout 2017
By : Hariyanto And Aldo Bella Putra | Friday, January 05 2018 - 19:00 IWST

Migas Ilustrasi
INDUSTRY.co.id - Jakarta - The Organization of the Petroleum Exporting Countries (OPEC) has issued a policy to extend the time limiting crude oil production until the end of 2018. The policy also affects the rise of world oil hanga, which also affects the rise of Indonesian Cruide Price (ICP).
Quoted from the Ministry of Energy's ESDM website on Friday (5/1/2018), the Indonesian Oil Price Team of the Ministry of Energy and Mineral Resources (ESDM) released, the average ICP rose to US $ 60.90 per barrel in December 2017, $ 1.56 a barrel from US $ 59.34 per barrel in the previous month. This figure sets Indonesia's record high crude oil prices throughout 2017.
The increase of ICP is inseparable from the increase of world oil price which is influenced by several factors. In its OPEC publication, crude oil production from OPEC countries in November 2017 decreased by 0.13 million barrels per day.
So the production becomes 32.45 million barrels per day. Total oil production in November was down from October 2017 which amounted to 32.58 million barrels per day.
It is also known that the largest oil pipeline in the United Kingdom, North Sea Forties, which drains about 450,000 BOPD of oil shut down. This disruption also affects the increasing world oil prices at the end of 2017.
There were also international events that contributed to the rise in world oil prices such as the explosion at the New York Port Authority bus station, the strike of oil workers' work in Nigeria, the increasing use of gasoline in the United States at Christmas Holiday, as well as the increasing geopolitical risks in the Middle East the US president's statement on Jerusalem, and rising demand for crude in China.
The price of crude oil per December 2017 is Dated Brent: US $ 64.19 per barrel, Brent: US $ 64.09 per barrel, WTI (Nymex): US $ 57.95 per barrel.
Read Also
JJ-LURGI Expands Global Footprint And Strengthens R&D
JJ-LURGI EXPANDS GLOBAL FOOTPRINT AND STRENGTHENS R&D
Sawit Sumbermas Collaborates with DTFAS on Business Sustainability…
Citra Borneo Utama Gives Priority to Sustainable Business for RSPO…
Creating Global Corporation, Sepalar Yasa Kartika Prioritizes Sustainability…
Today's Industry

Selasa, 17 Mei 2022 - 14:00 WIB
NORD DRIVESYSTEMS at LogiMAT in Stuttgart From 31st May to 2nd June 2022 NORD will present innovative drive solutions for intralogistics
The specialist LogiMAT exhibition in Stuttgart offers as comprehensive overview of the intralogistics and process management market. As one of the market leaders for drive technology, NORD presents…

Selasa, 17 Mei 2022 - 13:00 WIB
President Jokowi Invites US CEOs to Boost Cooperation with Indonesia
President Joko “Jokowi” Widodo has invited company CEOs in the United States to boost cooperation with ASEAN countries, particularly Indonesia.

Selasa, 17 Mei 2022 - 12:28 WIB
President Jokowi, ASEAN Leaders Attend Dinner Hosted by US President
President Joko “Jokowi” Widodo Thursday (05/12) attended a dinner with the leaders of ASEAN countries hosted by President of the United States Joe Biden at the White House, Washington D.C.

Selasa, 17 Mei 2022 - 11:23 WIB
TPE unleashes benefits for pet accessories
The pet care market is rapidly expanding as pet ownership increases, as does spending on pet food, grooming tools, and accessories. Pet owners are significantly concerned about the prevalence…

Jumat, 13 Mei 2022 - 16:15 WIB
Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021
Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…
News Comment