Growth Demands ICP Price Increase In April 2018

By : Hariyanto And Aldo Bella Putra | Friday, May 04 2018 - 21:00 IWST

Ilustrasi Migas
Ilustrasi Migas

INDUSTRY.co.id - Jakarta - Indonesia Crude Price (ICP) price rose again in April 2018, from ICP price in March of US $ 61.87 per barrel, to US $ 67.43 per barrel, up US $ 5.56 per barrel.

The increase also occurred in the national oil price of Sumatera Light Crude (SLC) to US $ 68.39 per barrel. SLC rose by US $ 5.54 per barrel from March of US $ 62.85 per barrel.

The increase in ICP and SLC prices is in line with the increase in the price of crude oil in international markets in April 2018 compared to March 2018, as recorded by the Oil Price Team of the Ministry of Energy and Mineral Resources (ESDM):

- Dated Brent rose by US $ 5.90 per barrel from US $ 65.90 per barrel to US $ 71.80 per barrel.

- Brent (ICE) rose by US $ 5.04 per barrel from US $ 66.72 per barrel to US $ 71.76 per barrel.

- WTI (Nymex) rose by US $ 3.56 per barrel from US $ 62.77 per barrel to US $ 66.33 per barrel.

- OPEC basketball (s.d. April 27, 2018) rose by US $ 4.54 per barrel from US $ 63.76 per barrel to US $ 68.30 per barrel.

The rise in world crude oil prices was influenced by the report of the Organization of the Petroleum Exporting Countries (OPEC) which noted that growth in oil demand was adjusted to be higher by 30,000 barrels per day in April 2018 to 1.63 million barrels per day in 2018.

OPEC also noted a growing trend of global economic growth of 3.8%. Meanwhile, the International Energy Agency (IEA) reported oil demand in 2018 grew by 1.5 million barrels per day. The demand for Organization for Economic Cooperation and Development (OECD) in the first quarter of 2018 was also revised up by 315 thousand barrels per day.

The increase in oil prices was also influenced by the fall in US distillate fuel oil stock in April 2018 of 6.3 million barrels compared to March 2018 to 122.7 million barrels; the April 2018 decrease of US gasoline stock by 2.8 million barrels compared to March 2018, to 236.8 million barrels; and an increase in refinery processing activity that recovered, after two years of relatively low growth.

Increased geopolitical tensions in the Middle East region is also suppose to be one of the drivers of the increase in world crude oil prices.

For the Asia Pacific region, crude oil price increases are influenced by increased demand for oil for India's infrastructure development and petrochemical industry in South Korea, in addition to the high economic growth in India and China.

News Comment

Today's Industry

Images By : Freepik

Sabtu, 14 September 2024 - 16:56 WIB

Essential Tips for Choosing Personal Health Insurance in the US

Choosing the right health insurance plan in the United States can be a complex task, especially with the variety of options available and the ever-changing landscape of healthcare policy. Here…

Images By : Freepik

Sabtu, 14 September 2024 - 16:53 WIB

The Top 10 Insurance Companies in the US for 2024

In the ever-evolving landscape of insurance, selecting the right company can significantly impact your financial security and peace of mind.

Images By : Freepik

Jumat, 13 September 2024 - 15:37 WIB

Why Airbnb Become Popular in 2024?

Airbnb fosters a more interactive experience between hosts and guests. Through direct messaging, guests can inquire about specific details, negotiate pricing, or clarify expectations, which…

Flag of the United Nations Organization.

Kamis, 15 Agustus 2024 - 14:26 WIB

Modena Officially Becomes a Member of the UN Global Compact

Commited to transforming towards sustainable business practices, Modena the global home appliance established over 60 years ago in Italy, officially became a member of the UN Globe Compact (UNGC)…

Totolink outlet. (Photo: Public Relation of Totolink)

Kamis, 11 Juli 2024 - 22:08 WIB

Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia

Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.