ESDM Ministry sets ICP US $ 45.48 / barrel
By : Aldo Bella Putra | Wednesday, August 02 2017 - 10:23 IWST
INDUSTRY.co.id - Jakarta - The Ministry of Energy and Mineral Resources has set the price of Indonesia Crude Price (ICP) in July 2017 of 45.48 US dollars per barrel on Tuesday (1/8/2017)
The decision was stipulated by the Minister of ESDM Ignasius Jonan through the Ministerial Decree (Kepmen) of ESDM Number 2605 / K / 12 / MEM / 2017 in Jakarta. The Indonesian Oil Price Team stated that based on the calculation of Indonesian Crude Price (ICP) formula, the average ICP of Indonesian crude oil price in July 2017 increased compared to June 2017.
ICP July 2017 rose 1.82 US dollars per barrel from 43.66 US dollars per barrel in the previous month, June 2017. The increase was triggered by the development of world oil prices, such as ICP SLC in 2017 reached 46.35 US dollars per barrel, up 1,64 US dollars per barrel from USD 44.71 per barrel in June 2017. The development of the average price of major crude oil on the international market in July 2017 compared to June 2017 also increased to the following: -Brent (ICE) rose by 1.60 dollars per barrel from 47.55 dollars a barrel to 49.15 dollars a barrel.
-WTI (Nymex) rose by 1.48 US dollars per barrel from 45.20 US dollars per barrel to 46.68 US dollars per barrel.
-OPEC basket rose by 1.57 US dollars per barrel from 45.21 US dollars per barrel to 46.78 dollars per barrel.
In addition, the Oil Price Team explained that the major increase in crude oil prices in international markets was due to several factors namely, first based on International Energy Agency (IEA) publication July 2017 stated that the projection of global crude oil demand in 2017 rose 0.1 million bpd compared to previous month.
Then the market's positive response to the Saudi Arabian Minister's statement that it would limit crude oil exports by 6.6 million bpd in August 2017 and nigeria agreed to follow OPEC's policy of limiting crude production.
Third, the IEA report explains that the stock levels of commercial crude oil, gasoline and distillate fuel oil United States (US) has decreased.
For the Asia Pacific region, there is an increase in demand for crude oil products in India and Taiwan. Not only had that, based on the International Monetary Fund (IMF) publication in July mentioned that the projection of China's economic growth in 2017 increased by 0.1 percent compared to the previous month. Brent (ICE) rose 1.60 dollars per barrel from 47.55 dollars a barrel to 49.15 dollars a barrel. (Ant