ASIATODAY.ID, JAKARTA – The Indonesian Minister of Energy and Mineral Resources, Arifin Tasrif, has determined that the average price of the Indonesian Crude Price (ICP) in February 2024 will increase to $80.09 per barrel. This figure is $2.97 per barrel higher than the average ICP price in January which was $77.12 per barrel.
“The determination of the ICP for February 2024 is contained in the Decree of the Minister of Energy and Mineral Resources Number 193.K/MG.03/DJM//2024 concerning Indonesian Crude Oil Prices for February 2024 which was signed on March 1 2024,” said the Head of the Communications Bureau, Public Information Services and Cooperation of the Ministry of Energy and Mineral Resources, Agus Cahyono Adi in Jakarta, quoted Monday, March 12 2024.
Based on analysis by the Indonesian Crude Oil Price Team, Agus explained, this increase occurred following market concerns over disruptions in crude oil supplies due to increasing geopolitical tensions in the Middle East region.
“Apart from that, another factor in the increase in oil prices is due to the possibility of OPEC continuing to cut oil production until March 2024. This is in accordance with the agreement of OPEC countries in November 2023 to cut production by 2.2 million barrels per day (bpd) until the quarter I in 2024,” he added.
Meanwhile, in a report by the International Energy Agency (IEA), it was stated that world oil supplies in January 2024 decreased sharply by 1.4 million bpd after the explosion in the Arctic stopped production in North America and tightened production from OPEC countries.
For the Asia Pacific region, Agus continued, there was an increase in crude oil prices, apart from being caused by the factors mentioned above, it was also influenced by an increase in the throughput of oil refineries in China, India and Singapore, on average to 91.72% in January, higher 0 .1 p.p compared to the previous month.
Then there was also an increase in oil demand in China by 1.3 million bpd year on year (yoy) and India by 133 thousand bpd yoy for December 2023.
In detail, the development of the average price of the main crude oil in February 2024 compared to January 2024 has increased to the following:
– Dated Brent rose by $3.61/bbl from $80.32/bbl to $83.93/bbl.
– WTI (Nymex) rose by $2.75/bbl from $73.86/bbl to $76.61/bbl.
– Brent (ICE) rose by $2.57/bbl from $79.15/bbl to $81.72/bbl.
– OPEC basket rose by $1.15/bbl from $80.04/bbl to $81.19/bbl.
– The average ICP of Indonesian crude oil increased by $2.97/bbl from $77.12/bbl to $80.09/bbl. (AT Network)
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