Indonesian Crude Prices Increase $ 56.55 Per Barrel in January

Jakarta, MINA – Indonesian Crude Price (ICP) increased to $ 56.55 per barrel in January 2019.

Previously, in December 2018, ICP prices were pegged at $ 54.81 per barrel. But, the ICP is pegged to $56.55 per barrel, up by $ 1.74 per barrel.

As reported by Republika Online, the increase also occurred at the Sumatera Light Crude (SLC) national oil price to $ 57.46 per barrel. SLC rose by $ 1.83 per barrel from December which reached $ 55.63 per barrel.

Meanwhile, the oil price team of Indonesia Ministry of Energy and Mineral Resources (ESDM) said that the increase of ICP and SLC prices was in line with the increase of major price crude oil international market.

“For this period, Dated Brent rose by $ 2.07 per barrel from $ 57.39 per barrel to$ 59.46 per barrel. Brent (ICE) rose $ 2.57 per barrel from $ 57.67 per barrel to $ 60.24 per barrel, “said the Head of the Energy and Mineral Resources Bureau, Agung Pribadi, Tuesday.

Meanwhile, WTI (Nymex) rose $ 2.57 per barrel from $ 48.98 per barrel to $ 51.55 per barrel. Then, OPEC Basketball rose by $ 1.68 per barrel from $ 56.94 per barrel to $ 58.62 per barrel.

“The increase in world crude oil prices was influenced by the Organization of the Petroleum Exporting Countries (OPEC) report which noted a decline in oil production from OPEC countries and Non-OPEC by 1.27 million barrels per day (bpd).

In fact, the export of Saudi Arabian crude as one of the OPEC members in December 2018 fell from 639 thousand bpd to 7.5 million bpd compared to the previous month.

“In addition, the end of the trade war between the United States and China after the two countries met in Beijing was one of the factors that triggered an increase in crude oil prices in the Asian region,” Agung said.

This is also in line with the imposition of US sanctions on Venezuelan Oil Companies which can cause delays in the recovery of the country’s production. (T/Sj/P2)

Mi’raj News Agency (MINA)