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

TokoScore owns features of income prediction and fraud flags. (Photo: indotelko.com)

Kamis, 22 September 2022 - 12:29 WIB

Encouraging Financial Inclusion, Tokoscore Services Enable to Raise GOTO Revenue

The expansion of PT GOTO Gojek Tokopedia Tbk (GOTO) into the creditworthiness analysis business as known as credit scoring, through Tokoscore, has received a positive response from market players.…

Alternative tobacco products. (Photo: lifestyle.sindonews.com)

Rabu, 21 September 2022 - 11:20 WIB

Indonesia Needs to Encourage Alternative Tobacco Products Research Collaboration

The scientific studies development on alternative tobacco products in Indonesia is still too minimal. The Indonesian government is suggested to encourage research collaboration on alternative…

Alternative tobacco products. (Photo: lifestyle.sindonews.com)

Rabu, 14 September 2022 - 12:30 WIB

Adult Smokers Entitled to Valid and Reliable Information of Alternative Tobacco Products

Public owns the rights to obtain valid and reliable information to improve their health quality. The same rights is also owned by adult smokers, particularly to pertinent information about the…

Tikki Pangestu, the former Director of Policy Research and Cooperation of World Health Organization (WHO). (Photo: channelnewsasia.com)

Selasa, 06 September 2022 - 19:10 WIB

Alternative Tobacco Products, Strategy to Reduce Smoking Prevalence

The high smoking prevalence has been closely associated with increased smoking-related diseases. Alternative tobacco products are predicted to be one of the solutions that can help reduce smoking…

GoTo is a blend of Gojek and Tokopedia. (Photo: republika.co.id)

Rabu, 31 Agustus 2022 - 12:26 WIB

More Efficient Business, GOTO Q2-2022 Contribution Margin Soars

A technology issuer with a leading ecosystem in Southeast Asia, PT GoTo Gojek Tokopedia Tbk (GOTO), releases the first half of 2022 financial performance to the same period in 2021 (year on…