ASIATODAY.ID, JAKARTA – Indonesia’s Ministry of Energy and Mineral Resources (MEMR) has officially set the Indonesian Crude Price (ICP) for May 2025 at USD 62.75 per barrel, marking a USD 2.54 decrease from April’s price of USD 65.29 per barrel.
This price adjustment is outlined in Ministerial Decree No. 208.K/MG.03/MEM.M/2025, signed on June 10, 2025. The decline in the ICP reflects global oil market trends influenced by increased supply from OPEC+ and rising oil inventories in the United States.
“The drop in ICP aligns with the weakening of global crude prices, driven by OPEC+’s decision to raise production by 410,000 barrels per day,” said Acting Director General of Oil and Gas, Tri Winarno, in Jakarta on Tuesday, June 17, 2025.
Furthermore, OPEC+ is reportedly planning an additional production hike of 411,000 barrels per day in July 2025, potentially putting further downward pressure on global oil prices, including Indonesia’s ICP.
US Oil Inventories Up, Asia-Pacific Demand Down
Another factor contributing to the decline in the Indonesian oil price is the increase in U.S. commercial crude oil inventories, which rose by 2.8 million barrels at the end of May 2025 compared to the end of April.
In the Asia-Pacific region, crude oil prices were also affected by projected lower demand, as many regional refineries enter their scheduled turnaround periods, temporarily halting operations and reducing crude intake for July delivery.
Key Global Crude Price Movements – May 2025
The following are the price changes of major global crude oil benchmarks in May 2025 compared to April 2025:
Dated Brent: Down by USD 3.56/barrel, from USD 67.79 to USD 64.22
WTI (Nymex): Down by USD 2.03/barrel, from USD 62.96 to USD 60.94
Brent (ICE): Down by USD 2.45/barrel, from USD 66.46 to USD 64.01
OPEC Basket: Down by USD 5.34/barrel, from USD 68.98 to USD 63.64
Indonesian Crude Price (ICP): Down by USD 2.54/barrel, from USD 65.29 to USD 62.75
With global oil supply on the rise and demand remaining uncertain, the Indonesian Crude Price may continue to face downward pressure in the coming months. The MEMR continues to closely monitor global market dynamics to ensure the stability of the national energy sector. (AT Network)
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