ESDM Ministry sets ICP US $ 45.48 / barrel

By : Aldo Bella Putra | Wednesday, August 02 2017 - 10:23 IWST

4723
4723

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

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…