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)

INDUSTRY.co.id - 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

One of Apartments offered by Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

Senin, 09 Juni 2025 - 14:22 WIB

Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

Savyavasa, a luxury residential development by Swire Properties and JSI Group under PT Jantra Swarna Dipta, in collaboration with Permata Bank, presents a new solution for foreign nationals…

President Prabowo in Thailand

Rabu, 21 Mei 2025 - 10:09 WIB

Indonesia, Thailand Sign MoU on Health Sector, Focusing on Global Capacity, Collaboration

As a part of President Prabowo Subianto’s official visit to Thailand, both countries signed a Memorandum of Understanding (MoU) on health sector, in an effort to strengthen bilateral cooperation…

President Prabowo in Thailand

Rabu, 21 Mei 2025 - 10:06 WIB

Indonesia, Thailand Deepen Cooperation on Security, Trade, and Regional Stability

resident Prabowo Subianto has reaffirmed Indonesia’s strong commitment to deepening bilateral relations with Thailand during the meeting with Thailand’s Prime Minister Paetongtarn Shinawatra…

SD Darmono CEO Jababeka Group with Boediman Widjaja CEO JOE Green Group

Selasa, 20 Mei 2025 - 12:44 WIB

Boediman Widjaja's Technology Ready to be Adopted in Jababeka Industrial Estate (KIJA)

In an exclusive seminar entitled "A Great Step: Boediman Widjaja Story - Going from Indonesia, Thriving in Singapore" held at the President Lounge, Menara Batavia, Boediman Widjaja, Founder…

A total of 55 health professionals who participated in the Binawan Europe program, in the form of international career development scholarships in Austria. (Photo: The Public Relations of Binawan University)

Jumat, 02 Mei 2025 - 10:46 WIB

Binawan and Government Support Indonesian Nurses in Europe through Scholarships

In the midst of the viral #KaburAjaDulu hashtag as a symbol of the young generation's disappointment with domestic working conditions, Binawan responded with real action: dispatching Indonesian…