World Oil Price Weakens, ICP Down to US $ 3.98 per Barrel In March 2018

By : Hariyanto And Aldo Bella Putra | Thursday, March 08 2018 - 19:00 IWST

Kilang Minyak (Ilustrasi)
Kilang Minyak (Ilustrasi) - Jakarta - The price of Indonesian crude oil (ICP) in February 2018 moved down compared to January 2018. The ICP average is decreased by US $ 3.98 per barrel to US $ 61.61 per barrel from US $ 65.59 per barrel in January 2017.

Ministry of Energy and Mineral Resources (ESDM) noted that the average decline in crude oil prices following the average price of crude oil in international market in February 2018 compared to January 2018.

The following ICP prices are decreasing:

Dated Brent from US $ 69.18 per barrel to US $ 65.19 per barrel (down US $ 3.99 per barrel).
Brent (ICE) from US $ 69.08 per barrel to US $ 65.73 per barrel (down US $ 3.35 per barrel).
WTI (Nymex) from US $ 63.67 per barrel to US $ 62.18 per barrel (down US $ 1.49 per barrel).
OPEC basket from US $ 66.88 per barrel to US $ 62.18 per barrel (down US $ 3.40 per barrel).

The decline in world oil prices is influenced by the publication of the Organization of the Petroleum Exporting Countries (OPEC) which indicates a global oil supply increase of 0.35 million barrels per day to an average of 97.66 million barrels per day in January 2018.

The International Energy Agency (IEA) and the US Energy Information Administration (EIA) also recorded an average increase in annual crude oil production in the US until February 2018 to reach the highest level since 1970 of 10.6 million barrels per day, and potentially close to production Russia and is expected to exceed Saudi Arabia's production by the end of 2018.

Another factor of this decline is due to the strengthening of the US Dollar exchange rate due to the instability of the capital market as well as speculation that the US central bank will raise interest rates due to increased bond profits.

As for the Asia Pacific region, crude oil price declines were also affected by falling demand for crude oil in Japan compared with demand in the same period of the previous year due to the use of alternative energy sources for power generation during the winter.

Increased consumer tax control of independent refineries in China also forced refineries to reduce their consumption of crude oil.

Until now, world crude oil price for April-May delivery still fluctuate, in the range of US $ 60 to US $ 66 per barrel.

At the close of March 6, 2018 Brent (ICE) for May delivery showed US $ 65.79 per barrel, while WTI (Nymex) for April delivery traded at $ 62.32 a barrel and April delivery at $ 62.45 a barrel.

News Comment

Today's Industry

NORD-DuoDrive.jpg: The innovative and patented DuoDrive geared motor reaches outstanding system efficiency Image: NORD DRIVESYSTEMS

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…

President Jokowi attends the meeting between ASEAN leaders and American entrepreneurs at Intercontinental the Willard Hotel, Washington DC, Thursday (05/12). Photo by: Laily Rachev

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.

President Jokowi, President Biden, and ASEAN Leaders on a group photo prior to the dinner, at the White House, Washington D.C., Thursday (05/12)

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.

(Photo: © 2022 KRAIBURG TPE)

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…

Sergey Sedov, Founder and CEO of Robocash Group

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…