JAKARTA. The Indonesian Crude Price (ICP) strengthened 1.71% in October to USD 38.07 per barrel, at a time when world crude oil prices declined.
Agung Pribadi, the Head of the Communication Bureau of the Ministry of Energy and Mineral Resources, said that the ICP was set was in accordance with the Minister of Energy and Mineral Resources Decree No. 225 K / 12 / MEM / 2020. For information, the ICP in September was recorded at USD 37.43 per barrel.
Pribadi added that the movement of ICP was not in line with the development of crude oil prices in global markets. "In fact, the price of oil in the global market has decreased," said Pribadi through a press release received by idnfinancials.com.
Apart from that, crude oil prices in the Asian region, said Pribadi, are also experiencing a downturn. This is mainly caused by the increase in supply from OPEC + countries.
"The decline in the level of refinery operations in Asia, with the operating rate in Japan down to 70% and South Korea to 60%, also led to a decline in crude oil prices in the Asia Pacific region," said Pribadi. (KR/AR)