World Oil Price Rise ICP January 2018 to USD 65.59 / Barrel Tuesday, February 6, 2018 31

  • 2018.02.07 Wednesday
  • 00:52


 EMR Communications Team


JAKARTA - The price of Indonesian crude oil (ICP) in January 2018 increased compared to December 2017. The average ICP rose by USD 4.69 per barrel to USD 65.59 per barrel from USD 60.90 per barrel in December 2017.

The Indonesian oil price team of the Ministry of Energy and Mineral Resources (ESDM) noted that the increase in the average price of Indonesia's crude oil follows the average price of main crude oil in the international market in January 2018 compared to December 2017, which increased:


Dent Brent from USD 64.19 per barrel to USD 69.18 per barrel (up USD 4.99 per barrel).

Brent (ICE) from USD 64.09 per barrel to USD 69.08 per barrel (up USD 4.99 per barrel).

WTI (Nymex) from USD 57.95 per barrel to USD 63.67 per barrel (up USD 5.72 per barrel).

OPEC basket from USD 62.06 per barrel to USD 66.88 per barrel (up USD 4.82 per barrel).


The Organization of the Petroleum Exporting Countries (OPEC) said the major crude oil price increases in international markets were triggered by an agreement on production limitations between OPEC and Non OPEC countries at the end of November 2017, the projected global demand for crude oil by 2018 increased by 0.06 million barrels per day (bpd) to 98.51 million bpd, as well as a fall in the number of rigs in the United States from 931 rigs to 924 rigs by December 2017.


Meanwhile, the International Energy Agency's (IEA) reported that oil prices are currently affected by decline in crude oil production from OPEC countries in December 2017 by 0.06 million bpd, from 39.18 million bpd to 39.12 million bpd compared to the previous month, as well as the production of Non-OPEC countries, down from 58.95 million bpd to 58.60 million bpd (down 0.35 million bpd).


The weakening of the US Dollar against other currencies, especially the Euro and rising demand for heating oil in the United States due to winter are another factor triggering high oil prices, as reported by EIA (Energy Information Administration) - USA, in addition to geopolitical conditions of the Middle East and Africa are still turbulent.


For the Asia-Pacific region, crude oil price increases are also influenced, among others, increased demand for oil in Vietnam along with declining supply of oil in the country, as well as increased crude oil throughput in refineries in South Korea, Taiwan and China and the explosion of the gasoil production unit producing 200 thousand bpd in Taiwan. (KO)




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