ICP Drops as Oil Supplies Increase

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  • TEMPO/Subekti

    TEMPO/Subekti

    TEMPO.CO, Jakarta - The Energy and Mineral Resources Ministry recorded that the Indonesian Crude price (ICP) in June 2015 has dropped to US$59.4 per barrel from US$61.86 per barrel in the previous month.

    The Ministry's Indonesian Crude Price team said on Friday, July 3, 2015, that the decreasing price was caused by an increase in oil supplies from OPEC members and fuel supplies in the United States.

    In addition, the price of Sumatera Light Crude produced from the Minas oil field in Riau fell to US$59.54 per barrel in June compared to US$62.70 per barrel in May. The team said that OPEC's publication in June 2015 mentioned that the organization’s oil supplies in May 2015 increased to 30.972 million barrels.

    The US Energy Information Administration (EIA) also reported that the country's gasoline supplies in June 2015 increased to 218.5 million barrels. In addition, the country's distillate fuel oil increased to 135.4 million barrels.

    Another factor affecting the ICP rice was an increase in Iran's crude exports in June 2015 to 3.2 million barrels per day following economic sanction removal. Others include concerns over European economy due to Greek default and new US policy allowing condensate exports.

    In Asia-Pacific region, one of the factors causing the oil price to decline was China's economic slowdown.

    ANTARANEWS