ICP Rises by US$0.82 per Barrel
4 April 2014 12:42 WIB
TEMPO.CO, Jakarta - The Indonesian crude price (ICP) has increased from US$0.8 per barrel to US$106.90, due to the rising demand of direct crude burning in Japan, according to the Indonesian Crude Price Team.
The team also stated in its report that Sumatra Light Crude (SLC) price reached US$112.56 per barrel, which increased by US$3.75 from US$108.71 per barrel in February.
However, oil price in the international market for March 2014 has dropped. WTI (Nymex) crude price fell by US$0.17 per barrel from US$100.68 to US$100.51 per barrel.
Brent crude price (ICE) went down by US$1.09 per barrel from US$108.84 to US$107.75 per barrel, as well as OPEC’S basket price declined by US$1.23 per barrel from US$105.38 to US$104.15 per barrel.
The Indonesian Crude Price Team said the decline in the international crude prices was due to several factors, including global crude oil production surplus. The international Energy Agency reported the global crude oil supply has increased by 600,000 barrels per day to 92.89 million barrels as exporter countries increased their crude oil production capacity.
Other factors include concerns over declining global economic growth, especially China that has been the second largest oil consumer in the world, as well as regular maintenance of a number of refineries in Asian and American regions.
ALI HIDAYAT
