JAKARTA (Rambu Energy) – The Indonesia Crude Price (ICP), the country’s reference crude price, plunged to US$83.72 per barrel in October, from an average of US$94.97 per barrel in previous month, or falling by US$11.25 per barrel. The fall was in line with the fall of world crude oil price.
The price of Minas (SLC) in October fell to US$84.46 per barrel or down US$11.20 per barrel from US$95.66 per barrel in previous month, the Energy and Mineral Resources Ministry said in its website.
“The fall of Indonesia’s oil price is in line with the development of crude oil price in the international market,” the energy ministry said.
Based on the International Energy Agency (IEA) in October 2014, the world oil demand was estimated to fall to 92.4 million barrels per day, or 0.21 million barrels per day lower compared to the demand in previous month. (*)